N.Y. EPT Law § 7-5.4
This is the official text of N.Y. EPT Law § 7-5.4, part of New York’s EPT Law — part of the compiled statutory law of New York, published by the state as "EPT Law." Browse the sections below, each linked to its official government source.
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Effect of payment
Official statutory text
§ 7-5.4 Effect of payment\n A financial institution which, upon the death of a depositor and prior\nto service upon it of a restraining order, injunction or other\nappropriate process from a court of competent jurisdiction prohibiting\npayment, makes payment to a beneficiary or if the beneficiary is under\neighteen years of age, to the guardian of the property or to the parent\nor parents of the infant beneficiary pursuant to section 7-5.3, shall,\nto the extent of such payment, be released from liability to any person\nclaiming a right to the funds and the receipt or acquittance of the\nperson to whom payment is made shall be a valid and sufficient release\nand discharge of the financial institution.\n
Status: in_force · Read it on the official government site
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