Statute · New York Banking Law

N.Y. Banking Law § 680-d — Requirements for special deposit

N.Y. Banking Law § 680-d

Type
Statute
Source
New York Banking Law
Jurisdiction
New York
Current through
Nov 5, 2026 (NY Senate Open Legislation)

§ 680-d. Requirements for special deposit. A deposit is a special deposit if it is:

Citator

N.Y. Banking Law § 680-d — Requirements for special deposit is in force in the current edition of the Code, and nothing recorded condemns it.

§ 680-d. Requirements for special deposit. A deposit is a special deposit if it is:

1. a deposit of funds in a bank under an account agreement;

2. for the benefit of at least two beneficiaries, one or more of which may be a depositor;

3. denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;

4. for a permissible purpose stated in the account agreement; and

5. subject to a contingency.