New York § 680-L Term and termination

New York Statutes

§ 680-L — Term and termination

New York § 680-L

Law BNKBanking

Art. 13-FUniform Special Deposits Act

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Bluebook

N.Y. Banking § 680-L (2026).

Text

§ 680-l. Term and termination.

1.Unless otherwise provided in the\naccount agreement, a special deposit terminates five years after the\ndate the special deposit was first funded.\n 2. Unless otherwise provided in the account agreement, if the bank\ncannot identify or locate a beneficiary entitled to payment when the\nspecial deposit is terminated, and a balance remains in the special\ndeposit, the bank shall pay the balance to the depositor or depositors\nas a beneficiary or beneficiaries.\n 3. A bank that pays the remaining balance as provided under\nsubdivision two of this section has no further obligation with respect\nto the special deposit.\n

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§ 680-l. Term and termination. 1. Unless otherwise provided in the\naccount agreement, a special deposit terminates five years after the\ndate the special deposit was first funded.\n 2. Unless otherwise provided in the account agreement, if the bank\ncannot identify or locate a beneficiary entitled to payment when the\nspecial deposit is terminated, and a balance remains in the special\ndeposit, the bank shall pay the balance to the depositor or depositors\nas a beneficiary or beneficiaries.\n 3. A bank that pays the remaining balance as provided under\nsubdivision two of this section has no further obligation with respect\nto the special deposit.\n