Senate Bill S9477

2023-2024 Legislative Session

Establishes joint and survivorship accounts

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S9477 (ACTIVE) - Details

See Assembly Version of this Bill:
A1578
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add §675-a, Bank L
Versions Introduced in 2021-2022 Legislative Session:
S6949, A8002

2023-S9477 (ACTIVE) - Summary

Provides for joint and survivorship accounts; provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.

2023-S9477 (ACTIVE) - Sponsor Memo

2023-S9477 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9477
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to establishing  joint  and
   survivorship accounts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The banking law is amended by adding a new section 675-a to
 read as follows:
   § 675-A. JOINT ACCOUNTS; JOINT AND SURVIVORSHIP ACCOUNTS.  1.    JOINT
 ACCOUNTS.  (A) WHEN A DEPOSIT OF CASH, SECURITIES, OR OTHER PROPERTY HAS
 BEEN MADE OR SHALL HEREAFTER BE MADE IN OR WITH ANY BANKING ORGANIZATION
 OR FOREIGN BANKING CORPORATION TRANSACTING BUSINESS IN  THIS  STATE,  OR
 SHARES  SHALL  HAVE BEEN ALREADY ISSUED OR SHALL BE HEREAFTER ISSUED, IN
 ANY SAVINGS AND LOAN ASSOCIATION OR CREDIT UNION TRANSACTING BUSINESS IN
 THIS STATE, IN THE NAME OF SUCH DEPOSITOR  OR  SHAREHOLDER  AND  ANOTHER
 PERSON AND IN FORM TO BE PAID OR DELIVERED TO EITHER, OR THE SURVIVOR OF
 THEM, SUCH DEPOSIT OR SHARES AND ANY ADDITIONS THERETO OR ACCRUALS THER-
 EON  MAY BE PAID OR DELIVERED TO EITHER DURING THE LIFETIME OF BOTH, AND
 SUCH PAYMENT OR DELIVERY AND THE RECEIPT OR ACQUITTANCE OF  THE  ONE  TO
 WHOM  SUCH  PAYMENT OR DELIVERY IS MADE, SHALL BE A VALID AND SUFFICIENT
 RELEASE AND DISCHARGE TO THE BANKING ORGANIZATION FOR  ALL  PAYMENTS  OR
 DELIVERIES  MADE  ON  ACCOUNT  OF  SUCH  DEPOSIT  OR SHARES PRIOR TO THE
 RECEIPT BY THE BANKING ORGANIZATION  OF  NOTICE  IN  WRITING  SIGNED  BY
 EITHER ONE OF SUCH PERSONS, NOT TO PAY OR DELIVER SUCH DEPOSIT OR SHARES
 AND  THE  ADDITIONS  AND  ACCRUALS  THEREON IN ACCORDANCE WITH THE TERMS
 THEREOF, AND AFTER RECEIPT OF ANY SUCH NOTICE, THE BANKING  ORGANIZATION
 MAY  REQUIRE  THE  RECEIPT  OR  ACQUITTANCE OF BOTH SUCH PERSONS FOR ANY
 FURTHER PAYMENTS OR DELIVERY.
   (B) TITLE TO THE PROPERTY ON DEPOSIT IN AN ACCOUNT DESCRIBED IN  PARA-
 GRAPH  (A)  OF  THIS SUBDIVISION OR TO THE SHARES ISSUED AS DESCRIBED IN
 PARAGRAPH (A) OF THIS SUBDIVISION IS SOLELY IN THE DEPOSITOR  NO  MATTER
 THE  SOURCE  OF THE PROPERTY ON DEPOSIT OR USED TO ACQUIRE THE SHARES OR
 WHEN THE PROPERTY WAS DEPOSITED OR THE SHARES ACQUIRED.
   (C) ON THE DEATH OF THE OTHER PERSON DURING THE LIFETIME OF THE DEPOS-
 ITOR THE PAYMENT OR DELIVERY TO THE DEPOSITOR OF ANY OR ALL OF THE FUNDS
 REMAINING IN THE ACCOUNT SHALL BE A VALID AND SUFFICIENT RELEASE TO  THE
 BANKING ORGANIZATION.
              

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