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Statutes » New York » STF Law » Article 15

N.Y. STF Law § 221

This is the official text of N.Y. STF Law § 221, part of New York’s STF Law — part of the compiled statutory law of New York, published by the state as "STF Law." Browse the sections below, each linked to its official government source.

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Liability; early repayment and withdrawal

Official statutory text

§ 221. Liability; early repayment and withdrawal. Nothing contained in\nthis article shall impose liability on the state or any of its\ndepartments or employees for payment or delays in payment of the\nprincipal or interest of a linked loan. Any delay in payments or any\ndefault on a linked loan shall in no way affect the linked deposit\nagreement between the lender and the authorized depositor. However, in\nthe event the interest rate of the linked loan shall be increased as a\nconsequence of default or renegotiation, or the loan shall be charged\noff, the lender shall give the authorized depositor prompt notice of\nsuch event, and the authorized depositor shall thereafter withdraw the\nlinked deposit upon not less than seven days' prior written notice to\nthe lender. Upon early repayment of a linked loan, the lender shall\nwithin thirty days give the authorized depositor notice of such early\nrepayment, and the authorized depositor shall thereafter withdraw the\nlinked deposit upon not less than seven days' prior written notice to\nthe lender, and the interest rate payable on the linked deposit from the\ndate of early repayment of the linked loan to the date of withdrawal of\nthe linked deposit shall be the interest rate upon which the linked\ndeposit interest rate was calculated without regard to the applicable\nbasis point reduction.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.