New York § 7-5.4 Effect of payment

New York Statutes

§ 7-5.4 — Effect of payment

New York § 7-5.4

Law EPTEstates, Powers & Trusts

Part 5Bank Accounts In Trust Form

Art. 7Trusts

This text of New York § 7-5.4 (Effect of payment) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Estates, Powers & Trusts § 7-5.4 (2026).

Text

§ 7-5.4 Effect of payment\n  A financial institution which, upon the death of a depositor and prior\nto service upon it of a restraining order, injunction or other\nappropriate process from a court of competent jurisdiction prohibiting\npayment, makes payment to a beneficiary or if the beneficiary is under\neighteen years of age, to the guardian of the property or to the parent\nor parents of the infant beneficiary pursuant to section 7-5.3, shall,\nto the extent of such payment, be released from liability to any person\nclaiming a right to the funds and the receipt or acquittance of the\nperson to whom payment is made shall be a valid and sufficient release\nand discharge of the financial institution.\n

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§ 7-5.4 Effect of payment\n A financial institution which, upon the death of a depositor and prior\nto service upon it of a restraining order, injunction or other\nappropriate process from a court of competent jurisdiction prohibiting\npayment, makes payment to a beneficiary or if the beneficiary is under\neighteen years of age, to the guardian of the property or to the parent\nor parents of the infant beneficiary pursuant to section 7-5.3, shall,\nto the extent of such payment, be released from liability to any person\nclaiming a right to the funds and the receipt or acquittance of the\nperson to whom payment is made shall be a valid and sufficient release\nand discharge of the financial institution.\n