§ 678. Accounts for convenience only. 1. When a deposit of cash,
securities or other property has been made, or shares shall be issued in
or with any banking organization or foreign banking corporation
transacting business in this state, in an account established after the
effective date of this section, in the name of a depositor and another
person and in form to be paid or delivered to either "for the
convenience" of the depositor, the making of such deposit or the
issuance of such shares shall not affect the title to such deposit or
shares and the depositor shall not be considered to have made a gift of
one-half the deposit or of any additions or accruals thereon to the
other person, and, on the death of the depositor, the other person shall
have no right of survivorship in the account. If an addition is made to
such an account by anyone other than the depositor, such an addition and
accruals thereon shall be considered to have been made by the depositor.
Such deposit or shares, together with all additions and accruals
thereon, may be paid or delivered to the depositor or the other person,
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 or foreign
banking corporation prior to the receipt by the banking organization or
foreign banking corporation of notice in writing signed by the depositor
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 or foreign banking
corporation may require the receipt or acquittance of the depositor for
any further payments or delivery. If the depositor is dead, such payment
or delivery to the other person shall be a valid and sufficient release
to the banking organization or foreign banking corporation prior to the
receipt by the banking organization or foreign banking corporation of
written notice of the depositor's death. A banking organization or
foreign banking corporation which, upon the death of the depositor and
prior to service upon it of a restraining order, injunction or other
appropriate process from a court of competent jurisdiction prohibiting
payment, makes payment to the executor, administrator or other qualified
representative of the deceased depositor's estate, shall, to the extent
of such payment, be released from liability to any person claiming a
right to the funds and the receipt or acquittance of the executor,
administrator or qualified representative to whom payment is made shall
be a valid and sufficient release and discharge of the financial
institution.

2. The superintendent of financial services shall promulgate and may
from time to time amend rules and regulations which require that a
depositor who requests the establishment of an account in the name of
the depositor and another person "for the convenience" of the depositor
be informed of the terms and conditions of the account described in
subdivision one of this section, including the relationship and
consequences between the parties in such an account, the difference
between such an account and a joint account established under section
six hundred seventy-five of this article, and the responsibilities of
the institution with which such an account is established. This
subdivision or any rule or regulation thereunder shall not be deemed or
construed as increasing or diminishing the rights or liability of any
person, or other entity.