N.Y. BNK Law § 680-L
This is the official text of N.Y. BNK Law § 680-L, part of New York’s BNK Law — part of the compiled statutory law of New York, published by the state as "BNK Law." Browse the sections below, each linked to its official government source.
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Term and termination
Official statutory text
§ 680-l. Term and termination. 1. Unless otherwise provided in the\naccount agreement, a special deposit terminates five years after the\ndate the special deposit was first funded.\n 2. Unless otherwise provided in the account agreement, if the bank\ncannot identify or locate a beneficiary entitled to payment when the\nspecial deposit is terminated, and a balance remains in the special\ndeposit, the bank shall pay the balance to the depositor or depositors\nas a beneficiary or beneficiaries.\n 3. A bank that pays the remaining balance as provided under\nsubdivision two of this section has no further obligation with respect\nto the special deposit.\n
Status: in_force · Read it on the official government site
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