Assembly Bill A8002

2021-2022 Legislative Session

Establishes joint and survivorship accounts; repealer

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A8002 (ACTIVE) - Details

See Senate Version of this Bill:
S6949
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §675-a, amd §§675 & 678, rpld §678, ren §679 to be §678, Bank L
Versions Introduced in 2023-2024 Legislative Session:
A1578, S6545, S9477

2021-A8002 (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.

2021-A8002 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8002
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 4, 2021
                                ___________
 
 Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the banking law, in relation to establishing  joint  and
   survivorship  accounts;  and  repealing certain provisions of such law
   relating thereto
 
   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.  JOIN
 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)  NOTWITHSTANDING  THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVI-
 SION, THE MAKING OF SUCH DEPOSIT OR THE ISSUANCE OF SUCH SHARES IN  SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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