§ 554 — Retention of forged, counterfeit or spurious documents or negotiable instruments permitted

§ 554. Retention of forged, counterfeit or spurious documents or\nnegotiable instruments permitted. Any bank, banker, transfer agent,\nrailroad, warehouseman or any other person charged with the issue,\nreissue, transfer or payment of any of the documents hereinafter\ndescribed, in any spurious, counterfeit, forged, altered note, stock\ncertificate, bond, debenture, check, draft, warrant, traveler's check,\nletter of credit, money order, warehouse receipt, negotiable bill of\nlading, evidence of indebtedness, certificate of interest or\nparticipation in any profit-sharing agreement, collateral-trust\ncertificate, preorganization certificate or subscription, transferable\nshare, investment contract, voting-trust certificate, certificate of\ninterest in property, tangible or intangible; instrument or document or\nwriting evidencing ownership of goods, wares, and merchandise; or\ntransferring or assigning any right, title, or interest in or to goods,\nwares, and merchandise, or, in general, any instrument commonly known as\na "security," or any certificate of interest or participation in,\ntemporary or interim certificate for, receipt for, warrant, or right to\nsubscribe to or purchase any of the foregoing, is presented for payment\nor transfer or for the purpose of obtaining possession of goods or any\nproperty under or pursuant to the terms of such instrument, whether the\nsame is presented through any clearing house or otherwise, and whether\nor not the owner, or purported owner or presentor of such instrument is\nwithin or without the state of New York, may without civil or other\nliability, retain such counterfeit, forged or spurious instrument or\ndocument for the purpose of preserving the same, and return in lieu\nthereof a photostatic copy with an affidavit setting forth the infirmity\nin the original, and the name and address of the person in whose custody\nsuch original remains; provided, however, that such act of retention\nshall not in any way vary the effect or alter the property or civil\nrights of any person in, to or by reason of such instrument or document\nor anything done with or pursuant to the same; and provided further,\nthat such instrument shall be delivered within fourteen days to the\ndistrict attorney within whose jurisdiction the same is retained and\nupon such surrender a receipt therefor shall be given to the custodian\nthereof; and provided further, that such instrument shall be produced\nfor use in any court or by any public officer when required to do so\nunder proper notice, demand or subpoena. The right to require the\nproduction of such document is hereby extended to all officers or courts\nwhether within the state of New York or elsewhere.\n