No bank or trust company shall deposit any of its funds with any other foreign or domestic banking corporation or private banker in an amount exceeding one hundred per centum of the capital stock, surplus fund and undivided profits of such bank or trust company unless such other banking corporation or private banker has been approved by the superintendent as a depositary for the purpose of this section, in which case the amount so deposited may equal but shall not exceed such per centum of the capital stock, surplus fund and undivided profits of such bank or trust company as the superintendent shall approve.

This section of the Consolidated Laws of New York, specifically under the Banking section, governs the security for public deposits. It defines key terms such as ‘public depositary’, ‘public funds’, and ‘political subdivision’. A public depositary refers to a bank, trust company, or other depositary authorized to accept and hold deposits of public funds in the state of New York. Public funds are the funds of a political subdivision, which includes various entities such as municipal corporations, school districts, and public libraries.

This legal document governs the requirement for banks and trust companies to maintain reserves against their demand and time deposits. The superintendent of financial services imposes ratios for these reserves. Additionally, if a bank or trust company is located in a special requirement area, designated as Albany, Buffalo, Brooklyn, Manhattan, or The Bronx, they must maintain additional reserves as prescribed by the superintendent. The reserves may be deposited with a federal reserve bank or reserve depositaries, and the remaining reserves must consist of authorized currency.

This legal document imposes restrictions on officers, directors, clerks, and other employees of banks and trust companies in New York. It prohibits them from discounting or making loans upon notes or evidence of debt that have been refused by their own bank or trust company. Violators of this provision will forfeit twice the amount of the loan made. Additionally, officers, directors, clerks, and other employees are prohibited from purchasing or being interested in the purchase of promissory notes or other evidence of debt issued by their own bank or trust company on more favorable terms than those available to the general public.

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.

This legal document governs loans made or invested in by banking organizations, the savings and loan bank of the state of New York, banks, and trust companies under the Servicemen’s Readjustment Act of 1944. The document allows banking organizations and the savings and loan bank of the state of New York to make or invest in loans guaranteed under the act, subject to regulations and restrictions set by the superintendent of financial services.

This legal document governs the investment in obligations of individuals aged sixty-five or older to pay off real property tax debts. It applies to banks, trust companies, savings banks, savings and loan associations, and life insurance companies authorized to do business in New York. The document allows these institutions to make loans to eligible individuals, with the loan amount not exceeding the total real property taxes, special ad valorem levies, and special assessments paid or owed by the borrower for their principal residence.

This legal document authorizes authorized lenders, as defined by section two hundred eighty or two hundred eighty-a of the real property law, to offer reverse mortgage loans. The reverse mortgage loans must conform to the provisions of section two hundred eighty or two hundred eighty-a of the real property law and the rules and regulations promulgated by the superintendent of financial services. Alternatively, the loans can also conform to the requirements of the federal housing administration’s home equity conversion mortgage insurance demonstration program.

Every mortgage lending institution and mortgage banker which originates loans secured by real property used for residential purposes located in this state which are to be guaranteed under the Servicemen’s Readjustment Act of 1944 shall provide a separate disclosure form with each application stating that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code has been offered loan counseling services. Such loan counseling services shall be provided by the department of veterans’ services under section twenty-nine-a of the veterans’ services law upon request of an applicant.

This provision pertains to deposits made for the benefit of an individual by the custodian designated by the administrator of veterans’ affairs or by a person certified by the social security administration. The deposit, along with any interest or dividends, can be paid to the designated custodian or person and their successors. The receipt or acquittance of the custodian or person, or their successors, serves as a valid and sufficient release and discharge to the depositary for any payment made.