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Can you summarize NYCL BNK 134?
Banks and Trust Companies > Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect of claims or advices originating in, and statutes, rules or regulations purporting to be in force in occupied territories
Short Summary
This legal document governs the repayment of deposits in various scenarios. It specifies that when a deposit is made in the name of a minor, it is held exclusively for the minor’s benefit and is not subject to the control or lien of other persons, except creditors. The document also outlines the procedures for repayment when an adverse claim is asserted, including the requirement for a restraining order or a bond indemnifying the bank or trust company. Additionally, it provides provisions for interpleader actions, where multiple parties claim the same fund, and the court determines the rights and interests of the parties. The document also addresses the recognition of claims or advices originating in occupied territories and the effect of statutes, rules, or regulations from such territories. Overall, this document establishes guidelines for the repayment of deposits and addresses various legal scenarios related to deposits in banks and trust companies in New York.
Whom does it apply to?
Banks and trust companies in New York
What does it govern?
Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect of claims or advices originating in, and statutes, rules or regulations purporting to be in force in occupied territories
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New York