Statute · New York Banking Law
N.Y. Banking Law § 680-l — Term and termination
N.Y. Banking Law § 680-l
- Type
- Statute
- Source
- New York Banking Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 680-l. Term and termination. 1. Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
Citator
N.Y. Banking Law § 680-l — Term and termination is in force in the current edition of the Code, and nothing recorded condemns it.
§ 680-l. Term and termination. 1. Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
2. Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
3. A bank that pays the remaining balance as provided under subdivision two of this section has no further obligation with respect to the special deposit.