Ask Reggi Your Question Now
Can you summarize NYCL BNK Article 13-E?
Banking > Joint Deposits and Shares;
Short Summary
This legal document governs the ownership and payment of joint deposits and shares in banking organizations, foreign banking corporations, savings and loan associations, and credit unions operating in the state of New York. When a deposit or shares are made in the name of a depositor or shareholder and another person, they become joint tenants and are held for the exclusive use of the named persons. The deposit or shares, along with any additions and accruals, can be paid or delivered to either person during their lifetime or to the survivor after the death of one of them. The document also establishes that the receipt or acquittance of the person receiving the payment or delivery serves as a valid release and discharge for the banking organization or foreign banking corporation. The burden of proof lies with the party challenging the survivor’s title. Additionally, the superintendent of financial services is authorized to promulgate rules and regulations to inform joint tenants of the terms and conditions of the account. This document does not specify any penalties or exemptions.
Whom does it apply to?
Depositor or shareholder and another person, banking organizations, foreign banking corporations, savings and loan associations, credit unions
What does it govern?
Ownership and payment of joint deposits and shares in banking organizations, foreign banking corporations, savings and loan associations, and credit unions operating in the state of New York
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
New York