NY State Assembly Bill 2025-A8549C

Current 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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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 18, 2026	print number 8549c
May 18, 2026	amend (t) and recommit to codes
Feb 25, 2026	reported referred to codes
Jan 22, 2026	print number 8549b
Jan 22, 2026	amend (t) and recommit to banks
Jan 07, 2026	referred to banks
Jun 02, 2025	print number 8549a
Jun 02, 2025	amend (t) and recommit to banks
May 20, 2025	referred to banks

Bill Amendments

Original

C (Active)

2025-A8549 - Details

Current Committee:: Assembly Codes
Law Section:: Banking Law
Laws Affected:: Amd §§675 & 678, add §675-a, Bank L

2025-A8549 - Summary

Enacts provisions for the establishment and administration of joint accounts and non-survivorship accounts; provides for account agreements, payments during lifetime, and liability; provides for notice, competing claims, and court orders; defines terms

2025-A8549 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8549
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on Banks
 
 AN  ACT to amend the banking law, in relation to spousal and non-spousal
   joint accounts and convenience accounts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section 675 of the banking law is amended by adding a new
 subdivision (d) to read as follows:
   (D) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE AND WHICH HAVE NOT BEEN  MODIFIED
 BY ADDING OR DELETING A SIGNATORY TO SUCH ACCOUNT ON OR AFTER THE EFFEC-
 TIVE  DATE  OF  SUCH SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX HUNDRED
 SEVENTY-FIVE-B.
   § 2. Section 678 of the banking law is amended by adding a new  subdi-
 vision 3 to read as follows:
   3.  THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE.
   § 3. The banking law is amended by adding two new sections  675-a  and
 675-b to read as follows:
   §  675-A.    SPOUSAL  JOINT DEPOSITS AND SHARES; OWNERSHIP AND PAYMENT
 DURING LIFETIME AND AFTER THE DEATH OF ONE OF THE SPOUSES.   1.  WHEN  A
 DEPOSIT  OF  CASH,  SECURITIES  OR OTHER PROPERTY IS MADE IN OR WITH ANY
 BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION TRANSACTING BUSINESS
 IN THIS STATE OR SHARES ARE ISSUED IN ANY SAVING AND LOAN ASSOCIATION OR
 CREDIT UNION TRANSACTING BUSINESS IN THIS STATE, IN  AN  ACCOUNT  ESTAB-
 LISHED  AFTER  THE  EFFECTIVE  DATE  OF THIS SECTION IN THE NAME OF SUCH
 DEPOSITOR OR SHAREHOLDER AND ANOTHER PERSON, AND THE DEPOSITOR AND  SUCH
 OTHER PERSON ARE THE ONLY PARTIES TO THE ACCOUNT AND THEY ARE SPOUSES AT
 THE TIME THE CONTRACT, SIGNATURE CARD OR OTHER DOCUMENT BETWEEN THEM AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-02-5

 A. 8549                             2
 
 THE  BANKING  ORGANIZATION  OR FOREIGN BANKING CORPORATION IS SIGNED, OR
 THEY INDICATE THAT THEY ARE SPOUSES ON SUCH CONTRACT, SIGNATURE CARD  OR
 OTHER  DOCUMENT  AT  THE TIME IT IS SIGNED, AND IN FORM TO BE PAID TO OR
 DELIVERED  TO  EITHER  OF THEM, SUCH DEPOSIT OR SHARES AND ANY ADDITIONS
 THERETO MADE, BY EITHER OF SUCH PERSONS, AFTER THE MAKING THEREOF, SHALL
 BECOME THE PROPERTY OF SUCH PERSONS  AS  JOINT  TENANTS  WITH  RIGHT  OF
 SURVIVORSHIP  AND  THE  SAME,  TOGETHER  WITH ALL ADDITIONS AND ACCRUALS
 THEREON, SHALL BE HELD FOR THE EXCLUSIVE USE OF THE  PERSONS  SO  NAMED,
 AND MAY BE PAID OR DELIVERED TO EITHER DURING THE LIFETIME OF BOTH OR TO
 THE  SURVIVOR AFTER THE DEATH OF ONE OF THEM, AND SUCH PAYMENT OR DELIV-
 ERY 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  FOR  ALL
 PAYMENTS  OR  DELIVERIES MADE ON ACCOUNT OF SUCH DEPOSIT OR SHARES PRIOR
 TO THE RECEIPT BY THE BANKING ORGANIZATION  OR  FOREIGN  BANKING  CORPO-
 RATION OF NOTICE IN WRITING SIGNED BY ANY ONE OF SUCH JOINT TENANTS, 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 BOTH SUCH JOINT TENANTS FOR ANY
 FURTHER PAYMENTS OR DELIVERY.
   2. THE MAKING OF SUCH DEPOSIT OR THE ISSUANCE OF SUCH SHARES  IN  SUCH
 FORM  SHALL,  IN THE ABSENCE OF FRAUD OR UNDUE INFLUENCE, BE PRIMA FACIE
 EVIDENCE, IN ANY ACTION OR PROCEEDING TO WHICH THE BANKING ORGANIZATION,
 FOREIGN BANKING CORPORATION, SURVIVING DEPOSITOR  OR  SHAREHOLDER  IS  A
 PARTY,  OF  THE INTENTION OF BOTH DEPOSITORS OR SHAREHOLDERS TO CREATE A
 JOINT TENANCY AND TO VEST TITLE TO SUCH DEPOSIT OR SHARES, AND ADDITIONS
 AND ACCRUALS THEREON, IN SUCH SURVIVOR. THE BURDEN OF PROOF IN  REFUTING
 SUCH  PRIMA  FACIE EVIDENCE IS UPON THE PARTY OR PARTIES CHALLENGING THE
 TITLE OF THE SURVIVOR.
   3. (A) THE SUPERINTENDENT SHALL PROMULGATE, AND MAY FROM TIME TO  TIME
 AMEND,  RULES AND REGULATIONS WHICH REQUIRE THAT THE JOINT TENANTS OF AN
 ACCOUNT ESTABLISHED ON OR AFTER THE DATE ON WHICH THE RULE OR REGULATION
 BECOMES EFFECTIVE AND REPRESENTING ANY DEPOSIT OR SHARES GOVERNED BY THE
 FOREGOING PROVISIONS OF THIS SECTION, SHALL, AT THE TIME THE ACCOUNT  IS
 ESTABLISHED,  BE  INFORMED  OF  THE  TERMS AND CONDITIONS OF THE ACCOUNT
 INCLUDING THE RELATIONSHIP AND CONSEQUENCES BETWEEN THE PARTIES  IN  THE
 ACCOUNT  AND  THE  RESPONSIBILITIES  OF  THE  INSTITUTION WITH WHICH THE
 ACCOUNT IS ESTABLISHED.
   (B) 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.
   § 675-B. NON-SPOUSAL JOINT DEPOSITS AND SHARES; OWNERSHIP AND  PAYMENT
 DURING  LIFETIME  AND  AFTER  THE  DEATH  OF  THE  DEPOSITOR.   1. JOINT
 ACCOUNTS. (A) WHEN A DEPOSIT OF CASH, SECURITIES OR  OTHER  PROPERTY  IS
 MADE  IN OR WITH ANY BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION
 TRANSACTING BUSINESS IN THIS STATE OR SHARES ARE ISSUED  IN  ANY  SAVING
 AND LOAN ASSOCIATION OR CREDIT UNION TRANSACTING BUSINESS IN THIS STATE,
 IN  AN  ACCOUNT  ESTABLISHED AFTER THE EFFECTIVE DATE OF THIS SECTION IN
 THE NAME OF SUCH DEPOSITOR OR SHAREHOLDER AND ANOTHER PERSON OR PERSONS,
 AND IN FORM TO BE PAID OR DELIVERED TO ANY OF  THE  DEPOSITOR  OR  OTHER
 SUCH  PERSON  OR  PERSONS, IF NONE OF THE OTHER PERSONS IS THE SPOUSE OF
 THE DEPOSITOR, OR THE DEPOSITOR  HAS  NOT  INDICATED  ON  THE  CONTRACT,
 SIGNATURE  CARD  OR OTHER DOCUMENT BETWEEN THE DEPOSITOR AND THE BANKING
 ORGANIZATION OR FOREIGN BANKING CORPORATION AT THE  TIME  IT  IS  SIGNED
 THAT  ANY  OF  THE  OTHER  PERSONS  IS THE SPOUSE OF THE DEPOSITOR, SUCH
 A. 8549                             3
 
 DEPOSIT OR SHARES AND ANY ADDITIONS THERETO OR ACCRUALS THEREON  MAY  BE
 PAID OR DELIVERED TO EITHER OR ANY DURING THE LIFETIME OF THE DEPOSITOR,
 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 SUFFI-
 CIENT 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 ANY
 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 ALL SUCH PERSONS FOR ANY FURTHER  PAYMENTS
 OR DELIVERY.
   (B)  TITLE TO THE PROPERTY ON DEPOSIT IN AN ACCOUNT DESCRIBED IN PARA-
 GRAPH (A) OF THIS SUBDIVISION OR TO THE SHARES ISSUED  AS  DESCRIBED  IN
 PARAGRAPH  (A)  OF THIS SUBDIVISION IS SOLELY IN THE DEPOSITOR NO MATTER
 THE SOURCE OF THE PROPERTY ON DEPOSIT OR USED TO ACQUIRE THE  SHARES  OR
 WHEN THE PROPERTY WAS DEPOSITED OR THE SHARES ACQUIRED.
   (C)  ON  THE DEATH OF ALL THE OTHER PERSONS DURING THE LIFETIME OF THE
 DEPOSITOR, THE PAYMENT OR DELIVERY TO THE DEPOSITOR OF ANY OR ALL OF THE
 FUNDS REMAINING IN THE ACCOUNT SHALL BE A VALID AND  SUFFICIENT  RELEASE
 TO THE BANKING ORGANIZATION.
   (D)  ON  THE  DEATH  OF THE DEPOSITOR DURING THE LIFETIME OF THE OTHER
 PERSON OR PERSONS, THE BANKING  ORGANIZATION  SHALL  DELIVER  THE  FUNDS
 REMAINING  IN  THE  ACCOUNT  IN  ACCORDANCE WITH THE CONTRACT, SIGNATURE
 CARD, OR OTHER DOCUMENT BETWEEN THE BANKING ORGANIZATION AND THE  DEPOS-
 ITOR  GOVERNING  THE  ACCOUNT,  WHICH CONTRACT, SIGNATURE CARD, OR OTHER
 DOCUMENT SHALL INCLUDE A PROVISION  GOVERNING  THE  DISPOSITION  OF  THE
 FUNDS REMAINING IN THE ACCOUNT ON THE DEATH OF THE DEPOSITOR WHICH SHALL
 BE IN SUBSTANTIALLY THE FOLLOWING FORM:
   ON  THE DEATH OF THE DEPOSITOR, {NAME}, THE FUNDS IN THE ACCOUNT SHALL
 BE DISPOSED OF AS FOLLOWS (SELECT ONE AND INITIAL):
   AS PART OF THE ESTATE OF THE  DEPOSITOR,  {NAME}  (THE  ACCOUNT  IS  A
 CONVENIENCE ACCOUNT)
   TO THE OTHER PERSON OR PERSONS {NAMES} IN EQUAL SHARES (THE ACCOUNT IS
 A SURVIVORSHIP ACCOUNT)
   (E)  IF  THE  CONTRACT,  SIGNATURE  CARD,  OR  OTHER DOCUMENT DOES NOT
 INCLUDE SUCH A PROVISION, OR IF IT DOES AND THE DEPOSITOR DID NOT SELECT
 ONE OR THE OTHER ALTERNATIVE, THE FUNDS REMAINING IN THE ACCOUNT AT  THE
 DEPOSITOR'S DEATH SHALL BE PART OF THE DEPOSITOR'S ESTATE.
   2. CONVENIENCE ACCOUNTS. IF THE DEPOSITOR HAS DESIGNATED THE INTENTION
 OR  IT IS CONCLUSIVELY PRESUMED THAT THE REMAINING FUNDS PASS AS PART OF
 THE DEPOSITOR'S ESTATE, (A) PAYMENT OR DELIVERY TO THE OTHER  PERSON  OR
 PERSONS  OF ANY OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL STILL
 BE A VALID AND SUFFICIENT RELEASE TO THE BANKING  ORGANIZATION  IF  MADE
 PRIOR  TO  THE  RECEIPT BY THE BANKING ORGANIZATION OF WRITTEN NOTICE OF
 THE DEPOSITOR'S DEATH, AND (B) A BANKING ORGANIZATION  WHICH,  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 REPRE-
 SENTATIVE 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, ADMINISTRA-
 TOR OR QUALIFIED REPRESENTATIVE TO WHOM PAYMENT IS MADE SHALL BE A VALID
 AND SUFFICIENT RELEASE AND DISCHARGE OF THE BANKING ORGANIZATION.
   3. SURVIVORSHIP ACCOUNTS. IF THE DEPOSITOR HAS INDICATED THE INTENTION
 THAT THE REMAINING FUNDS PASS TO THE OTHER PERSON OR PERSONS BY RIGHT OF
 A. 8549                             4
 
 SURVIVORSHIP, PAYMENT OR DELIVERY TO THE OTHER PERSON OR PERSONS OF  ANY
 OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL BE A VALID AND SUFFI-
 CIENT  RELEASE TO THE BANKING ORGANIZATION IF MADE PRIOR TO SERVICE UPON
 IT  OF A RESTRAINING ORDER, INJUNCTION OR OTHER APPROPRIATE PROCESS FROM
 A COURT OF COMPETENT JURISDICTION PROHIBITING SUCH PAYMENT.
   4. REGULATIONS OF THE SUPERINTENDENT. THE SUPERINTENDENT SHALL PROMUL-
 GATE AND MAY FROM TIME TO TIME AMEND RULES AND REGULATIONS WHICH REQUIRE
 THAT THE DEPOSITOR OF A JOINT ACCOUNT UNDER THIS SECTION BE INFORMED  OF
 THE  TERMS AND CONDITIONS OF THE ACCOUNT, INCLUDING THE RELATIONSHIP AND
 CONSEQUENCES BETWEEN THE PARTIES IN THE ACCOUNT AND THE RESPONSIBILITIES
 OF THE INSTITUTION WITH WHICH THE ACCOUNT IS ESTABLISHED.
   5. APPLICATION. (A) THIS SUBDIVISION OR ANY RULE OR REGULATION  THERE-
 UNDER  SHALL NOT BE DEEMED OR CONSTRUED AS INCREASING OR DIMINISHING THE
 RIGHTS OR LIABILITY OF ANY PERSON OR ENTITY.
   (B) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 ON OR AFTER THE EFFECTIVE DATE OF THIS SECTION.
   § 4. This act shall take effect July 1, 2026.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such effective date.

2025-A8549A - Details

Current Committee:: Assembly Codes
Law Section:: Banking Law
Laws Affected:: Amd §§675 & 678, add §675-a, Bank L

2025-A8549A - Summary

2025-A8549A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8549--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation to spousal joint  accounts,
   non-spousal accounts and convenience accounts

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 675 of the banking law is amended by adding  a  new
 subdivision (d) to read as follows:
   (D) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED  SEVENTY-FIVE-B OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED
 BY ADDING OR DELETING A SIGNATORY TO SUCH ACCOUNT ON OR AFTER THE EFFEC-
 TIVE DATE OF SUCH SECTIONS SIX HUNDRED SEVENTY-FIVE-A  AND  SIX  HUNDRED
 SEVENTY-FIVE-B.
   §  2. Section 678 of the banking law is amended by adding a new subdi-
 vision 3 to read as follows:
   3. THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS  ESTABLISHED
 BEFORE THE EFFECTIVE DATE OF SECTIONS SIX HUNDRED SEVENTY-FIVE-A AND SIX
 HUNDRED SEVENTY-FIVE-B OF THIS ARTICLE.
   §  3.  The banking law is amended by adding two new sections 675-a and
 675-b to read as follows:
   § 675-A. SPOUSAL JOINT DEPOSITS  AND  SHARES;  OWNERSHIP  AND  PAYMENT
 DURING  LIFETIME  AND  AFTER  THE DEATH OF ONE OF THE SPOUSES. 1. WHEN A
 DEPOSIT OF CASH, SECURITIES OR OTHER PROPERTY IS MADE  IN  OR  WITH  ANY
 BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION TRANSACTING BUSINESS
 IN THIS STATE OR SHARES ARE ISSUED IN ANY SAVING AND LOAN ASSOCIATION OR
 CREDIT  UNION  TRANSACTING  BUSINESS IN THIS STATE, IN AN ACCOUNT ESTAB-
 LISHED AFTER THE EFFECTIVE DATE OF THIS SECTION  IN  THE  NAME  OF  SUCH
 DEPOSITOR  OR SHAREHOLDER AND ANOTHER PERSON, AND THE DEPOSITOR AND SUCH
 OTHER PERSON ARE THE ONLY PARTIES TO THE ACCOUNT AND THEY ARE SPOUSES AT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-03-5

 A. 8549--A                          2
 
 THE TIME THE CONTRACT, SIGNATURE CARD OR OTHER DOCUMENT BETWEEN THEM AND
 THE BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION  IS  SIGNED,  OR
 THEY  INDICATE THAT THEY ARE SPOUSES ON SUCH CONTRACT, SIGNATURE CARD OR
 OTHER  DOCUMENT  AT  THE TIME IT IS SIGNED, AND IN FORM TO BE PAID TO OR
 DELIVERED TO EITHER OF THEM, SUCH DEPOSIT OR SHARES  AND  ANY  ADDITIONS
 THERETO MADE, BY EITHER OF SUCH PERSONS, AFTER THE MAKING THEREOF, SHALL
 BECOME  THE  PROPERTY  OF  SUCH  PERSONS  AS JOINT TENANTS WITH RIGHT OF
 SURVIVORSHIP AND THE SAME, TOGETHER  WITH  ALL  ADDITIONS  AND  ACCRUALS
 THEREON,  SHALL  BE  HELD FOR THE EXCLUSIVE USE OF THE PERSONS SO NAMED,
 AND MAY BE PAID OR DELIVERED TO EITHER DURING THE LIFETIME OF BOTH OR TO
 THE SURVIVOR AFTER THE DEATH OF ONE OF THEM, AND SUCH PAYMENT OR  DELIV-
 ERY  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 FOR ALL
 PAYMENTS OR DELIVERIES MADE ON ACCOUNT OF SUCH DEPOSIT OR  SHARES  PRIOR
 TO  THE  RECEIPT  BY  THE BANKING ORGANIZATION OR FOREIGN BANKING CORPO-
 RATION OF NOTICE IN WRITING SIGNED BY ANY ONE OF SUCH JOINT TENANTS, 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 BOTH SUCH JOINT  TENANTS  FOR  ANY
 FURTHER PAYMENTS OR DELIVERY.
   2.  THE  MAKING OF SUCH DEPOSIT OR THE ISSUANCE OF SUCH SHARES IN SUCH
 FORM SHALL, IN THE ABSENCE OF FRAUD OR UNDUE INFLUENCE, BE  PRIMA  FACIE
 EVIDENCE, IN ANY ACTION OR PROCEEDING TO WHICH THE BANKING ORGANIZATION,
 FOREIGN  BANKING  CORPORATION,  SURVIVING  DEPOSITOR OR SHAREHOLDER IS A
 PARTY, OF THE INTENTION OF BOTH DEPOSITORS OR SHAREHOLDERS TO  CREATE  A
 JOINT TENANCY AND TO VEST TITLE TO SUCH DEPOSIT OR SHARES, AND ADDITIONS
 AND  ACCRUALS THEREON, IN SUCH SURVIVOR. THE BURDEN OF PROOF IN REFUTING
 SUCH PRIMA FACIE EVIDENCE IS UPON THE PARTY OR PARTIES  CHALLENGING  THE
 TITLE OF THE SURVIVOR.
   3.  (A) THE SUPERINTENDENT SHALL PROMULGATE, AND MAY FROM TIME TO TIME
 AMEND, RULES AND REGULATIONS WHICH REQUIRE THAT THE JOINT TENANTS OF  AN
 ACCOUNT ESTABLISHED ON OR AFTER THE DATE ON WHICH THE RULE OR REGULATION
 BECOMES EFFECTIVE AND REPRESENTING ANY DEPOSIT OR SHARES GOVERNED BY THE
 FOREGOING  PROVISIONS OF THIS SECTION, SHALL, AT THE TIME THE ACCOUNT IS
 ESTABLISHED, BE INFORMED OF THE TERMS  AND  CONDITIONS  OF  THE  ACCOUNT
 INCLUDING  THE  RELATIONSHIP AND CONSEQUENCES BETWEEN THE PARTIES IN THE
 ACCOUNT AND THE RESPONSIBILITIES  OF  THE  INSTITUTION  WITH  WHICH  THE
 ACCOUNT IS ESTABLISHED.
   (B) 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.
   § 675-B. NON-SPOUSAL DEPOSITS AND SHARES; OWNERSHIP AND PAYMENT DURING
 LIFETIME  AND AFTER THE DEATH OF THE DEPOSITOR. 1. NON-SPOUSAL ACCOUNTS.
 (A) WHEN A DEPOSIT OF CASH, SECURITIES OR OTHER PROPERTY IS MADE  IN  OR
 WITH ANY BANKING ORGANIZATION OR FOREIGN BANKING CORPORATION TRANSACTING
 BUSINESS IN THIS STATE OR SHARES ARE ISSUED IN ANY SAVING AND LOAN ASSO-
 CIATION  OR  CREDIT  UNION  TRANSACTING  BUSINESS  IN  THIS STATE, IN AN
 ACCOUNT ESTABLISHED AFTER THE EFFECTIVE DATE OF THIS SECTION IN THE NAME
 OF SUCH DEPOSITOR OR SHAREHOLDER AND ANOTHER PERSON OR PERSONS,  AND  IN
 FORM  TO  BE  PAID  OR  DELIVERED  TO ANY OF THE DEPOSITOR OR OTHER SUCH
 PERSON OR PERSONS, IF NONE OF THE OTHER PERSONS IS  THE  SPOUSE  OF  THE
 DEPOSITOR, OR THE DEPOSITOR HAS NOT INDICATED ON THE CONTRACT, SIGNATURE
 CARD  OR  OTHER DOCUMENT BETWEEN THE DEPOSITOR AND THE BANKING ORGANIZA-
 TION OR FOREIGN BANKING CORPORATION AT THE TIME IT IS SIGNED THAT ANY OF
 A. 8549--A                          3
 
 THE OTHER PERSONS IS THE SPOUSE OF THE DEPOSITOR, SUCH DEPOSIT OR SHARES
 AND ANY ADDITIONS THERETO OR ACCRUALS THEREON MAY BE PAID  OR  DELIVERED
 TO  EITHER OR ANY DURING THE LIFETIME OF THE DEPOSITOR, 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 ANY 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 ALL SUCH PERSONS FOR ANY FURTHER PAYMENTS OR DELIVERY.
   (B) TITLE TO THE PROPERTY ON DEPOSIT IN AN ACCOUNT DESCRIBED IN  PARA-
 GRAPH  (A)  OF  THIS SUBDIVISION OR TO THE SHARES ISSUED AS DESCRIBED IN
 PARAGRAPH (A) OF THIS SUBDIVISION IS SOLELY IN THE DEPOSITOR  NO  MATTER
 THE  SOURCE  OF THE PROPERTY ON DEPOSIT OR USED TO ACQUIRE THE SHARES OR
 WHEN THE PROPERTY WAS DEPOSITED OR THE SHARES ACQUIRED.
   (C) ON THE DEATH OF ALL THE OTHER PERSONS DURING THE LIFETIME  OF  THE
 DEPOSITOR, THE PAYMENT OR DELIVERY TO THE DEPOSITOR OF ANY OR ALL OF THE
 FUNDS  REMAINING  IN THE ACCOUNT SHALL BE A VALID AND SUFFICIENT RELEASE
 TO THE BANKING ORGANIZATION.
   (D) ON THE DEATH OF THE DEPOSITOR DURING THE  LIFETIME  OF  THE  OTHER
 PERSON  OR  PERSONS,  THE  BANKING  ORGANIZATION SHALL DELIVER THE FUNDS
 REMAINING IN THE ACCOUNT IN  ACCORDANCE  WITH  THE  CONTRACT,  SIGNATURE
 CARD,  OR OTHER DOCUMENT BETWEEN THE BANKING ORGANIZATION AND THE DEPOS-
 ITOR GOVERNING THE ACCOUNT, WHICH CONTRACT,  SIGNATURE  CARD,  OR  OTHER
 DOCUMENT  SHALL  INCLUDE  A  PROVISION  GOVERNING THE DISPOSITION OF THE
 FUNDS REMAINING IN THE ACCOUNT ON THE DEATH OF THE DEPOSITOR WHICH SHALL
 BE IN SUBSTANTIALLY THE FOLLOWING FORM:
   ON THE DEATH OF THE DEPOSITOR, {NAME}, THE FUNDS IN THE ACCOUNT  SHALL
 BE DISPOSED OF AS FOLLOWS (SELECT ONE AND INITIAL):
   AS  PART  OF  THE  ESTATE  OF  THE DEPOSITOR, {NAME} (THE ACCOUNT IS A
 CONVENIENCE ACCOUNT)
   TO THE OTHER PERSON OR PERSONS {NAMES} IN EQUAL SHARES (THE ACCOUNT IS
 A SURVIVORSHIP ACCOUNT)
   (E) IF THE CONTRACT,  SIGNATURE  CARD,  OR  OTHER  DOCUMENT  DOES  NOT
 INCLUDE SUCH A PROVISION, OR IF IT DOES AND THE DEPOSITOR DID NOT SELECT
 ONE  OR THE OTHER ALTERNATIVE, THE FUNDS REMAINING IN THE ACCOUNT AT THE
 DEPOSITOR'S DEATH SHALL BE PART OF THE DEPOSITOR'S ESTATE.
   2. CONVENIENCE ACCOUNTS. IF THE DEPOSITOR HAS DESIGNATED THE INTENTION
 OR IT IS CONCLUSIVELY PRESUMED THAT THE REMAINING FUNDS PASS AS PART  OF
 THE  DEPOSITOR'S  ESTATE, (A) PAYMENT OR DELIVERY TO THE OTHER PERSON OR
 PERSONS OF ANY OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL  STILL
 BE  A  VALID  AND SUFFICIENT RELEASE TO THE BANKING ORGANIZATION IF MADE
 PRIOR TO THE RECEIPT BY THE BANKING ORGANIZATION OF  WRITTEN  NOTICE  OF
 THE  DEPOSITOR'S  DEATH,  AND (B) A BANKING ORGANIZATION WHICH, 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  REPRE-
 SENTATIVE  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, ADMINISTRA-
 TOR OR QUALIFIED REPRESENTATIVE TO WHOM PAYMENT IS MADE SHALL BE A VALID
 AND SUFFICIENT RELEASE AND DISCHARGE OF THE BANKING ORGANIZATION.
   3. SURVIVORSHIP ACCOUNTS. IF THE DEPOSITOR HAS INDICATED THE INTENTION
 THAT THE REMAINING FUNDS PASS TO THE OTHER PERSON OR PERSONS BY RIGHT OF
 A. 8549--A                          4
 
 SURVIVORSHIP,  PAYMENT OR DELIVERY TO THE OTHER PERSON OR PERSONS OF ANY
 OR ALL OF THE FUNDS REMAINING IN THE ACCOUNT SHALL BE A VALID AND SUFFI-
 CIENT RELEASE TO THE BANKING ORGANIZATION IF MADE PRIOR TO SERVICE  UPON
 IT  OF A RESTRAINING ORDER, INJUNCTION OR OTHER APPROPRIATE PROCESS FROM
 A COURT OF COMPETENT JURISDICTION PROHIBITING SUCH PAYMENT.
   4. REGULATIONS OF THE SUPERINTENDENT. THE SUPERINTENDENT SHALL PROMUL-
 GATE AND MAY FROM TIME TO TIME AMEND RULES AND REGULATIONS WHICH REQUIRE
 THAT THE DEPOSITOR OF A JOINT ACCOUNT UNDER THIS SECTION BE INFORMED  OF
 THE  TERMS AND CONDITIONS OF THE ACCOUNT, INCLUDING THE RELATIONSHIP AND
 CONSEQUENCES BETWEEN THE PARTIES IN THE ACCOUNT AND THE RESPONSIBILITIES
 OF THE INSTITUTION WITH WHICH THE ACCOUNT IS ESTABLISHED.
   5. APPLICATION. (A) THIS SUBDIVISION OR ANY RULE OR REGULATION  THERE-
 UNDER  SHALL NOT BE DEEMED OR CONSTRUED AS INCREASING OR DIMINISHING THE
 RIGHTS OR LIABILITY OF ANY PERSON OR ENTITY.
   (B) THE PROVISIONS OF THIS SECTION SHALL APPLY TO ACCOUNTS ESTABLISHED
 ON OR AFTER THE EFFECTIVE DATE OF THIS SECTION.
   § 4. This act shall take effect July 1, 2026.  Effective  immediately,
 the  addition,  amendment and/or repeal of any rule or regulation neces-
 sary for the implementation of  this  act  on  its  effective  date  are
 authorized to be made and completed on or before such effective date.

co-Sponsors

2025-A8549B - Details

Current Committee:: Assembly Codes
Law Section:: Banking Law
Laws Affected:: Amd §§675 & 678, add §675-a, Bank L

2025-A8549B - Summary

2025-A8549B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8549--B
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on  Banks  -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted  to  said  committee  --  recommitted  to  the
   Committee  on  Banks  in  accordance  with  Assembly Rule 3, sec. 2 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee
 
 AN  ACT to amend the banking law, in relation to joint accounts and non-
   survivorship accounts
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 675 of the banking law is amended by adding a new
 subdivision (d) to read as follows:
   (D) THE PROVISIONS OF THIS SECTION SHALL APPLY ONLY TO ACCOUNTS ESTAB-
 LISHED BEFORE THE EFFECTIVE DATE OF SECTION SIX  HUNDRED  SEVENTY-FIVE-A
 OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED ON OR AFTER SUCH EFFEC-
 TIVE  DATE BY THE ADDITION OR REMOVAL OF AN ACCOUNT OWNER OR CONVENIENCE
 SIGNER AS SUCH TERMS ARE DEFINED IN SECTION SIX  HUNDRED  SEVENTY-FIVE-A
 OF  THIS  ARTICLE; PROVIDED, HOWEVER, THAT THE DESIGNATION OR REVOCATION
 OF AUTHORITY UNDER A POWER OF ATTORNEY SHALL NOT BE DEEMED  A  MODIFICA-
 TION FOR PURPOSES OF THIS SUBDIVISION.
   §  2. Section 678 of the banking law is amended by adding a new subdi-
 vision 3 to read as follows:
   3. THE PROVISIONS OF THIS SECTION SHALL APPLY ONLY TO ACCOUNTS  ESTAB-
 LISHED  BEFORE  THE EFFECTIVE DATE OF SECTION SIX HUNDRED SEVENTY-FIVE-A
 OF THIS ARTICLE AND WHICH HAVE NOT BEEN MODIFIED ON OR AFTER SUCH EFFEC-
 TIVE DATE BY THE ADDITION OR REMOVAL OF AN ACCOUNT OWNER OR  CONVENIENCE
 SIGNER  AS  SUCH TERMS ARE DEFINED IN SECTION SIX HUNDRED SEVENTY-FIVE-A
 OF THIS ARTICLE; PROVIDED, HOWEVER, THAT THE DESIGNATION  OR  REVOCATION
 OF  AUTHORITY  UNDER A POWER OF ATTORNEY SHALL NOT BE DEEMED A MODIFICA-
 TION FOR PURPOSES OF THIS SUBDIVISION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-04-6
 A. 8549--B                          2

 
   § 3. The banking law is amended by adding a new section 675-a to  read
 as follows:
   §  675-A.  JOINT  ACCOUNTS  AND  NON-SURVIVORSHIP ACCOUNTS. 1.   DEFI-
 NITIONS. FOR THE PURPOSES OF THIS SECTION,  THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A)  "ACCOUNT" MEANS A RELATIONSHIP ESTABLISHED PURSUANT TO AN ACCOUNT
 AGREEMENT BETWEEN ONE OR MORE ACCOUNT OWNERS AND A  DEPOSITORY  INSTITU-
 TION.
   (B) "ACCOUNT AGREEMENT" MEANS A RECORD, INCLUDING ANY CONTRACT, SIGNA-
 TURE  CARD, OR OTHER DOCUMENT, THAT ESTABLISHES OR GOVERNS THE TERMS AND
 CONDITIONS OF AN ACCOUNT.
   (C) "ACCOUNT OWNER" MEANS  A  NATURAL  PERSON  WHO,  PURSUANT  TO  THE
 ACCOUNT  AGREEMENT,  HOLDS  A  PRESENT OWNERSHIP INTEREST IN THE SUMS ON
 DEPOSIT, AND DOES NOT INCLUDE A PERSON AUTHORIZED ONLY  TO  TRANSACT  ON
 THE ACCOUNT AS AN AGENT OR CONVENIENCE SIGNER.
   (D)  "CONVENIENCE  SIGNER"  MEANS  A  PERSON DESIGNATED BY THE ACCOUNT
 OWNER OR OWNERS IN A CONVENIENCE SIGNER DESIGNATION TO  TRANSACT  ON  AN
 ACCOUNT  WITHOUT  ANY  OWNERSHIP INTEREST OR SURVIVORSHIP RIGHTS, ACTING
 ONLY ON BEHALF OF SUCH ACCOUNT OWNER  OR  OWNERS.  THE  AUTHORITY  OF  A
 PERSON  DESIGNATED  AS  AN ATTORNEY-IN-FACT FOR AN ACCOUNT OWNER UNDER A
 POWER OF ATTORNEY SHALL TAKE PRECEDENCE OVER AND SUPERSEDE THE AUTHORITY
 OF A CONVENIENCE SIGNER.
   (E) "CONVENIENCE SIGNER DESIGNATION" MEANS A PROVISION IN  AN  ACCOUNT
 AGREEMENT,  PURSUANT  TO  WHICH THE ACCOUNT OWNER OR OWNERS MAY AGREE TO
 AUTHORIZE ONE OR MORE PERSONS TO ACT AS CONVENIENCE SIGNERS WITH RESPECT
 TO THE ACCOUNT, IN SUBSTANTIALLY THE FOLLOWING FORM:
   "THE ACCOUNT OWNER OR OWNERS MAY (BUT NEED NOT) DESIGNATE ONE OR  MORE
 "CONVENIENCE  SIGNERS"  TO  MAKE TRANSACTIONS ON THEIR BEHALF. A CONVEN-
 IENCE SIGNER DOES NOT OWN THE ACCOUNT AND HAS NO RIGHT TO USE THE  MONEY
 FOR THEIR OWN PERSONAL BENEFIT.
   IDENTIFY THE CONVENIENCE SIGNER OR SIGNERS
   (OPTIONAL):_______________________________"
   (F)  "DEPOSITORY  INSTITUTION" MEANS A BANKING ORGANIZATION, A FOREIGN
 BANKING CORPORATION LICENSED BY THE SUPERINTENDENT TO TRANSACT  BUSINESS
 IN  THIS  STATE,  OR AN OUT-OF-STATE STATE BANK THAT OPENS OR OCCUPIES A
 BRANCH IN THIS STATE PURSUANT TO ARTICLE FIVE-C OF THIS CHAPTER.
   (G) "JOINT ACCOUNT" SHALL MEAN A PERSONAL ACCOUNT GOVERNED BY SUBDIVI-
 SION FIVE OF THIS SECTION, CREATED WHEN TWO OR MORE ACCOUNT OWNERS  HAVE
 DESIGNATED,  OR ARE PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION
 TO HAVE DESIGNATED, THAT THE SUMS ON DEPOSIT  SHALL  PASS  BY  RIGHT  OF
 SURVIVORSHIP  TO THE SURVIVING ACCOUNT OWNER OR OWNERS UPON THE DEATH OF
 AN ACCOUNT OWNER.
   (H) "NET CONTRIBUTION" MEANS THE SUM OF THE DEPOSITS  MADE  BY  OR  ON
 BEHALF OF AN ACCOUNT OWNER ON AN ACCOUNT, LESS WITHDRAWALS MADE BY OR ON
 BEHALF  OF SUCH ACCOUNT OWNER WHICH HAVE NOT BEEN PAID OR APPLIED TO THE
 USE OF ANOTHER ACCOUNT OWNER ON SUCH ACCOUNT, AND A PROPORTIONATE AMOUNT
 OF ANY CHARGES DEDUCTED FROM SUCH ACCOUNT, PLUS A  PROPORTIONATE  AMOUNT
 OF  ANY  INTEREST  OR  DIVIDENDS  EARNED, WHETHER OR NOT INCLUDED IN THE
 CURRENT BALANCE. SUCH TERM INCLUDES, TO THE EXTENT PERMITTED BY APPLICA-
 BLE LAW, ANY DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO AN  ACCOUNT  BY
 REASON  OF  THE  DEATH OF AN ACCOUNT OWNER. NET CONTRIBUTION IS RELEVANT
 ONLY TO THE DETERMINATION OF  OWNERSHIP  INTERESTS  IN  NON-SURVIVORSHIP
 ACCOUNTS PURSUANT TO SUBDIVISION FOUR OF THIS SECTION.
   (I)  "NON-SURVIVORSHIP  ACCOUNT"  MEANS A PERSONAL ACCOUNT GOVERNED BY
 SUBDIVISION FOUR OF THIS SECTION,  CREATED  WHEN  TWO  OR  MORE  ACCOUNT
 OWNERS  HAVE  DESIGNATED, OR ARE PRESUMED PURSUANT TO SUBDIVISION SIX OF
 A. 8549--B                          3
 
 THIS SECTION TO HAVE DESIGNATED, THAT THE SUMS ON DEPOSIT SHALL NOT PASS
 BY RIGHT OF SURVIVORSHIP UPON THE DEATH OF AN ACCOUNT  OWNER  AND  SHALL
 INSTEAD BE DISPOSED OF AS PART OF SUCH ACCOUNT OWNER'S ESTATE.
   (J)  "PAYMENT OR TRANSFER" MEANS ANY WITHDRAWAL, DISBURSEMENT, SETOFF,
 DEBIT, OR OTHER DISPOSITION OF SUMS ON DEPOSIT.
   (K) "PERSONAL ACCOUNT" MEANS AN ACCOUNT BETWEEN ONE  OR  MORE  NATURAL
 PERSONS  AND A DEPOSITORY INSTITUTION ESTABLISHED FOR PERSONAL OR HOUSE-
 HOLD USE AND SHALL NOT INCLUDE: (I) AN ACCOUNT ESTABLISHED FOR  A  PART-
 NERSHIP,  JOINT  VENTURE,  OR OTHER ORGANIZATION FOR A BUSINESS PURPOSE;
 (II) AN ACCOUNT CONTROLLED BY ONE OR MORE PERSONS IN AN AGENCY  CAPACITY
 OR AS A TRUSTEE FOR A CORPORATION, UNINCORPORATED ASSOCIATION, OR CHARI-
 TABLE  OR  CIVIC  ORGANIZATION; OR (III) A FIDUCIARY OR TRUST ACCOUNT IN
 WHICH THE FIDUCIARY  RELATIONSHIP  IS  ESTABLISHED  OTHER  THAN  BY  THE
 ACCOUNT AGREEMENT.
   (L)  "PERSONAL  REPRESENTATIVE"  MEANS  A  PERSONAL  REPRESENTATIVE AS
 DEFINED BY SECTION 1-2.13 OF THE ESTATES, POWERS, AND TRUSTS LAW.
   (M) "SUMS ON DEPOSIT" MEANS THE BALANCE PAYABLE ON AN ACCOUNT, INCLUD-
 ING INTEREST AND DIVIDENDS  EARNED,  WHETHER  OR  NOT  INCLUDED  IN  THE
 CURRENT  BALANCE,  AND  TO  THE  EXTENT PERMITTED BY APPLICABLE LAW, ANY
 DEPOSIT OF LIFE INSURANCE PROCEEDS ADDED TO THE ACCOUNT BY REASON OF THE
 DEATH OF AN ACCOUNT OWNER.
   (N) "SURVIVORSHIP DESIGNATION" MEANS A PROVISION GOVERNING THE  DISPO-
 SITION  OF  THE  SUMS  ON  DEPOSIT UPON THE DEATH OF AN ACCOUNT OWNER IN
 SUBSTANTIALLY THE FOLLOWING FORM:
   "ALL ACCOUNT OWNERS MUST AGREE TO THE SAME CHOICE BELOW.
   IF AN ACCOUNT OWNER DIES, WHAT HAPPENS TO THEIR SHARE OF THE MONEY  IN
 THIS ACCOUNT (SELECT ONE):
   ___ THE DECEASED ACCOUNT OWNER'S SHARE BECOMES PART OF THEIR ESTATE.
   ___  THE  DECEASED ACCOUNT OWNER'S SHARE GOES TO THE SURVIVING ACCOUNT
 OWNER OR OWNERS ON THIS ACCOUNT, IN EQUAL SHARES."
   2. ACCOUNT AGREEMENT; PAYMENT DURING LIFETIME; LIABILITY. (A)  WHEN  A
 DEPOSIT  OF  CASH,  SECURITIES  OR OTHER PROPERTY IS MADE IN OR WITH ANY
 DEPOSITORY INSTITUTION IN A PERSONAL ACCOUNT, ESTABLISHED IN THE NAME OF
 MORE THAN ONE PERSON OR MODIFIED BY ADDING OR REMOVING AN ACCOUNT  OWNER
 OR  CONVENIENCE  SIGNER  AFTER  THE EFFECTIVE DATE OF THIS SECTION, SUCH
 DEPOSITORY INSTITUTION SHALL ESTABLISH AN ACCOUNT AGREEMENT, WHICH SHALL
 INCLUDE, AT MINIMUM, A SURVIVORSHIP DESIGNATION AND A CONVENIENCE SIGNER
 DESIGNATION.
   (B) A DEPOSITORY INSTITUTION SHALL EXECUTE  AND  MAINTAIN  AN  ACCOUNT
 AGREEMENT  REQUIRED  BY THIS SECTION FOR AS LONG AS SUCH ACCOUNT REMAINS
 OPEN AND FOR A PERIOD OF SIX YEARS AFTER IT IS CLOSED.
   (C) DURING THE LIFETIME OF ALL ACCOUNT OWNERS, OWNERSHIP INTERESTS  IN
 THE SUMS ON DEPOSIT SHALL BE GOVERNED BY THE ACCOUNT AGREEMENT.
   (D)  UPON THE DEATH OF AN ACCOUNT OWNER DURING THE LIFETIME OF ANOTHER
 ACCOUNT OWNER ON THE ACCOUNT, THE DEPOSITORY INSTITUTION  SHALL  DISPOSE
 OF THE SUMS ON DEPOSIT PURSUANT TO THE ACCOUNT AGREEMENT.
   (E)  THE  SURVIVORSHIP  DESIGNATION AND CONVENIENCE SIGNER DESIGNATION
 SHALL CONSTITUTE A SINGLE, UNIFORM DESIGNATION APPLICABLE TO ALL ACCOUNT
 OWNERS, AND SHALL BE EXECUTED BY EACH SUCH ACCOUNT OWNER.
   (F) PAYMENT OR TRANSFER BY A DEPOSITORY  INSTITUTION  TO  ANY  ACCOUNT
 OWNER OR CONVENIENCE SIGNER NAMED ON A JOINT ACCOUNT OR NON-SURVIVORSHIP
 ACCOUNT PURSUANT TO THE ACCOUNT AGREEMENT SHALL DISCHARGE SUCH DEPOSITO-
 RY INSTITUTION FROM LIABILITY TO THE EXTENT OF SUCH PAYMENT OR TRANSFER;
 PROVIDED,  HOWEVER, THAT A DEPOSITORY INSTITUTION THAT FAILS TO PROPERLY
 ESTABLISH OR MAINTAIN THE ACCOUNT AGREEMENT, INCLUDING  BY  OMITTING  OR
 FAILING  TO PROPERLY EXECUTE OR MAINTAIN THE SURVIVORSHIP DESIGNATION OR
 A. 8549--B                          4
 
 CONVENIENCE SIGNER DESIGNATION AS REQUIRED BY THIS SECTION, SHALL NOT BE
 DISCHARGED OF LIABILITY TO THE EXTENT OF SUCH PAYMENT OR TRANSFER.
   (G) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE A DEPOSITORY
 INSTITUTION  TO  INVESTIGATE  OR VERIFY AN ACCOUNT OWNER'S INTENT BEYOND
 THE FACE OF THE ACCOUNT AGREEMENT, OR TO REQUIRE ANY OFFICER,  EMPLOYEE,
 OR  AGENT THEREOF TO PROVIDE LEGAL, TAX, OR ESTATE PLANNING ADVICE TO AN
 ACCOUNT OWNER OR ANY OTHER PERSON.
   (H) NO OFFICER, EMPLOYEE, OR AGENT OF A DEPOSITORY  INSTITUTION  SHALL
 BE  PERSONALLY LIABLE FOR ANY ACT OR OMISSION TAKEN IN GOOD FAITH AND IN
 THE ORDINARY COURSE OF SUCH  PERSON'S  DUTIES  IN  CONNECTION  WITH  THE
 ESTABLISHMENT, EXPLANATION, MAINTENANCE, OR IMPLEMENTATION OF AN ACCOUNT
 AGREEMENT UNDER THIS SECTION, INCLUDING WITH RESPECT TO THE EXECUTION OR
 MAINTENANCE OF AN ACCOUNT AGREEMENT, PROVIDED THAT SUCH OFFICER, EMPLOY-
 EE, OR AGENT DID NOT ENGAGE IN WILLFUL MISCONDUCT.
   (I)  FAILURE  TO  PROPERLY  ESTABLISH, EXECUTE, OR MAINTAIN AN ACCOUNT
 AGREEMENT PURSUANT TO THIS SECTION SHALL CONSTITUTE A VIOLATION OF  THIS
 ARTICLE  AND  MAY  BE  SUBJECT TO CIVIL PENALTIES, CORRECTIVE ACTION, OR
 OTHER ENFORCEMENT MEASURES IMPOSED BY THE SUPERINTENDENT.
   3. NOTICE; COMPETING CLAIMS; COURT ORDERS.  (A)  PAYMENT  OR  TRANSFER
 MADE  PURSUANT  TO  THE  ACCOUNT  AGREEMENT SHALL DISCHARGE A DEPOSITORY
 INSTITUTION OF LIABILITY TO THE EXTENT  OF  SUCH  PAYMENT  OR  TRANSFER,
 WHETHER OR NOT SUCH PAYMENT OR TRANSFER IS CONSISTENT WITH THE OWNERSHIP
 INTERESTS  IN THE SUMS ON DEPOSIT AS BETWEEN ACCOUNT OWNERS OR ANY OTHER
 PERSONS CLAIMING AN INTEREST THEREIN, UNLESS AND UNTIL  SUCH  DEPOSITORY
 INSTITUTION RECEIVES:
   (I)  WRITTEN  NOTICE FROM AN ACCOUNT OWNER OR FROM THE PERSONAL REPRE-
 SENTATIVE OF A DECEASED ACCOUNT OWNER'S ESTATE DIRECTING THAT PAYMENT OR
 TRANSFER PURSUANT TO THE ACCOUNT AGREEMENT SHOULD NOT BE PERMITTED,  AND
 THE  DEPOSITORY  INSTITUTION  HAS HAD A REASONABLE OPPORTUNITY TO ACT ON
 SUCH NOTICE; OR
   (II) SERVICE OF A RESTRAINING ORDER, INJUNCTION, OR OTHER  APPROPRIATE
 PROCESS  ISSUED BY A COURT OF COMPETENT JURISDICTION PROHIBITING PAYMENT
 OR TRANSFER.
   (B) UPON RECEIPT OF WRITTEN NOTICE OR SERVICE OF PROCESS  PURSUANT  TO
 THIS  SUBDIVISION,  A  DEPOSITORY  INSTITUTION MAY IN GOOD FAITH REFUSE,
 WITHOUT LIABILITY, TO MAKE FURTHER PAYMENT OR TRANSFER PURSUANT  TO  THE
 ACCOUNT  AGREEMENT  AND MAY REQUIRE THE ACKNOWLEDGMENT OR CONSENT OF ALL
 ACCOUNT OWNERS ON THE ACCOUNT AS A CONDITION OF  MAKING  ANY  SUBSEQUENT
 PAYMENT OR TRANSFER.
   (C)  EXCEPT AS PROVIDED IN THIS SECTION OR BY OTHER APPLICABLE LAW, NO
 OTHER INFORMATION OR COMMUNICATION AVAILABLE TO A DEPOSITORY INSTITUTION
 SHALL AFFECT ITS RIGHT TO PROTECTION UNDER THIS SECTION.
   (D) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO REQUIRE A DEPOSITORY
 INSTITUTION TO DETERMINE THE VALIDITY OR PRIORITY OF CLAIMS TO THE  SUMS
 ON DEPOSIT.
   (E)  PROTECTION  OF  A DEPOSITORY INSTITUTION UNDER THIS SECTION SHALL
 NOT AFFECT THE RIGHTS OF ACCOUNT OWNERS  OR  OTHER  PERSONS  TO  RESOLVE
 DISPUTES BETWEEN THEMSELVES, INCLUDING DISPUTES CONCERNING THE OWNERSHIP
 OR PAYMENT OR TRANSFER OF THE SUMS ON DEPOSIT.
   (F)  NOTHING  IN  THIS  SECTION SHALL BE CONSTRUED TO ALTER, LIMIT, OR
 IMPAIR ANY RIGHT OR REMEDY THAT AN ACCOUNT OWNER  OR  OTHER  PERSON  MAY
 HAVE  AGAINST  ANOTHER ACCOUNT OWNER OR OTHER PERSON WITH RESPECT TO THE
 SUMS ON DEPOSIT OR ANY PAYMENT OR TRANSFER MADE FROM AN ACCOUNT.
   (G) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO VALIDATE OR  AUTHOR-
 IZE  ANY  PAYMENT OR TRANSFER THAT IS OTHERWISE UNLAWFUL, OR TO LIMIT OR
 IMPAIR ANY REMEDY AVAILABLE UNDER LAW  WITH  RESPECT  TO  A  PAYMENT  OR
 A. 8549--B                          5
 
 TRANSFER  RESULTING FROM FRAUD, UNDUE INFLUENCE, ELDER ABUSE, OR LACK OF
 AUTHORITY.
   4. NON-SURVIVORSHIP ACCOUNTS. (A) WHERE THE ACCOUNT OWNERS HAVE DESIG-
 NATED,  OR  IT  IS PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION,
 THAT THE SUMS ON DEPOSIT SHALL BE DISPOSED OF  AS  PART  OF  AN  ACCOUNT
 OWNER'S  ESTATE  UPON  DEATH, THE ACCOUNT IS A NON-SURVIVORSHIP ACCOUNT,
 AND TITLE TO AN ACCOUNT OWNER'S NET CONTRIBUTION TO THE SUMS ON  DEPOSIT
 SHALL  REMAIN  SOLELY  IN  SUCH  ACCOUNT  OWNER DURING LIFE AND SHALL BE
 DISPOSED OF AS PART OF SUCH ACCOUNT OWNER'S ESTATE UPON DEATH.
   (B) (I) UPON RECEIPT OF WRITTEN NOTICE OF AN  ACCOUNT  OWNER'S  DEATH,
 AND  PRIOR  TO  RECEIPT  OF  WRITTEN NOTICE FROM AN ACCOUNT OWNER OR THE
 PERSONAL REPRESENTATIVE OF A DECEASED ACCOUNT OWNER STATING THAT PAYMENT
 OR TRANSFER PURSUANT TO THE ACCOUNT AGREEMENT SHALL NOT BE PERMITTED, OR
 SERVICE UPON A DEPOSITORY INSTITUTION OF A  RESTRAINING  ORDER,  INJUNC-
 TION, OR OTHER APPROPRIATE PROCESS ISSUED BY A COURT OF COMPETENT JURIS-
 DICTION  PROHIBITING  PAYMENT,  PAYMENT  OR  TRANSFER MADE TO A PERSONAL
 REPRESENTATIVE OF AN ACCOUNT OWNER'S  ESTATE  PURSUANT  TO  THE  ACCOUNT
 AGREEMENT  SHALL DISCHARGE SUCH DEPOSITORY INSTITUTION FROM LIABILITY TO
 THE EXTENT OF SUCH PAYMENT OR TRANSFER.
   (II) ANY PAYMENT OR TRANSFER MADE BY A SURVIVING ACCOUNT  OWNER  AFTER
 THE  DEATH  OF  ANOTHER  ACCOUNT OWNER SHALL BE SUBJECT TO THE RIGHTS OF
 SUCH DECEASED ACCOUNT OWNER'S ESTATE, AND NOTHING IN THIS SECTION  SHALL
 BE  CONSTRUED  TO  CONFER  UPON  A SURVIVING ACCOUNT OWNER ANY OWNERSHIP
 INTEREST IN A DECEASED ACCOUNT OWNER'S NET CONTRIBUTION TO THE  SUMS  ON
 DEPOSIT  IN  A NON-SURVIVORSHIP ACCOUNT, EXCEPT AS OTHERWISE PROVIDED BY
 LAW.
   5. JOINT ACCOUNTS. (A) WHERE ALL ACCOUNT OWNERS HAVE DESIGNATED, OR IT
 IS PRESUMED PURSUANT TO SUBDIVISION SIX OF THIS SECTION, THAT  THE  SUMS
 ON  DEPOSIT  SHALL PASS TO THE OTHER ACCOUNT OWNER OR OWNERS BY RIGHT OF
 SURVIVORSHIP, THE ACCOUNT SHALL BE A JOINT  ACCOUNT,  AND  SUCH  ACCOUNT
 OWNERS'  TITLE  TO THE SUMS ON DEPOSIT SHALL BE A JOINT TENANCY WITH THE
 RIGHT OF SURVIVORSHIP.
   (B) (I) TITLE TO THE SUMS ON DEPOSIT AFTER THE  DEATH  OF  AN  ACCOUNT
 OWNER SHALL BE IN THE SURVIVING ACCOUNT OWNER OR OWNERS IN EQUAL SHARES,
 REGARDLESS OF THE SOURCE OF THE PROPERTY ON DEPOSIT OR WHEN SUCH PROPER-
 TY WAS DEPOSITED, AND PAYMENT OR TRANSFER TO THE OTHER SURVIVING ACCOUNT
 OWNER OR OWNERS OF ANY OR ALL OF THE SUMS ON DEPOSIT SHALL DISCHARGE THE
 DEPOSITORY  INSTITUTION  FROM LIABILITY TO THE EXTENT OF SUCH PAYMENT OR
 TRANSFER.
   (II) ANY PAYMENT OR TRANSFER IN A JOINT ACCOUNT MADE  BY  A  SURVIVING
 ACCOUNT  OWNER  AFTER  THE  DEATH  OF ANOTHER ACCOUNT OWNER SHALL NOT BE
 SUBJECT TO THE RIGHTS OF SUCH DECEASED ACCOUNT OWNER'S ESTATE, AND NOTH-
 ING IN THIS SECTION SHALL BE CONSTRUED TO LIMIT OR  IMPAIR  A  SURVIVING
 ACCOUNT  OWNER'S  OWNERSHIP  INTEREST  IN THE SUMS ON DEPOSIT ARISING BY
 RIGHT OF SURVIVORSHIP IN A JOINT ACCOUNT, EXCEPT AS  OTHERWISE  PROVIDED
 BY LAW.
   (C) A TRANSFER RESULTING FROM THE APPLICATION OF THIS SECTION SHALL BE
 EFFECTIVE  BY  REASON  OF  THE ACCOUNT AGREEMENT AND BY OPERATION OF LAW
 PURSUANT TO THIS SECTION AND SHALL NOT BE  TESTAMENTARY  OR  SUBJECT  TO
 ESTATE ADMINISTRATION.
   6.  PRESUMPTIONS.  IF AN ACCOUNT AGREEMENT DOES NOT INCLUDE A PROPERLY
 EXECUTED SURVIVORSHIP DESIGNATION AS REQUIRED BY  THIS  SECTION,  OR  IF
 SUCH  SURVIVORSHIP DESIGNATION IS NOT MAINTAINED IN ACCORDANCE WITH THIS
 SECTION OR CONTAINS CONFLICTING OR INCOMPLETE  PROVISIONS,  THE  ACCOUNT
 SHALL  BE  PRESUMED  TO  BE A NON-SURVIVORSHIP ACCOUNT, UNLESS CLEAR AND
 CONVINCING EVIDENCE ESTABLISHES THAT  THE  ACCOUNT  OWNERS  INTENDED  TO
 A. 8549--B                          6
 
 CREATE  A  RIGHT  OF  SURVIVORSHIP;  PROVIDED, HOWEVER, THAT IF THE ONLY
 ACCOUNT OWNERS ON  SUCH  ACCOUNT  ARE  SPOUSES,  THE  ACCOUNT  SHALL  BE
 PRESUMED  TO  BE  A  JOINT ACCOUNT, UNLESS CLEAR AND CONVINCING EVIDENCE
 ESTABLISHES A CONTRARY INTENT.
   7. REGULATIONS OF THE SUPERINTENDENT. THE SUPERINTENDENT SHALL PROMUL-
 GATE,  AND  MAY FROM TIME TO TIME AMEND, RULES AND REGULATIONS AS NECES-
 SARY TO IMPLEMENT THIS SECTION, INCLUDING RULES REQUIRING  THAT  ACCOUNT
 OWNERS  OF JOINT ACCOUNTS AND NON-SURVIVORSHIP ACCOUNTS BE PROVIDED WITH
 CLEAR INFORMATION REGARDING THE TERMS AND CONDITIONS OF  SUCH  ACCOUNTS,
 THE  LEGAL RELATIONSHIP AMONG ACCOUNT OWNERS AND THE ROLE OF THE DEPOSI-
 TORY INSTITUTION WITH RESPECT TO SUCH ACCOUNTS.
   8. SEVERABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH OR SUBDIVISION  OF
 THIS SECTION SHALL BE ADJUDGED BY ANY COURT OF COMPETENT JURISDICTION TO
 BE  INVALID,  SUCH  JUDGMENT SHALL NOT AFFECT, IMPAIR, OR INVALIDATE THE
 REMAINDER THEREOF, BUT SHALL BE CONFINED IN ITS OPERATION TO THE CLAUSE,
 SENTENCE, PARAGRAPH OR SUBDIVISION  THEREOF  DIRECTLY  INVOLVED  IN  THE
 CONTROVERSY IN WHICH SUCH JUDGMENT SHALL HAVE BEEN RENDERED. IT IS HERE-
 BY  DECLARED TO BE THE INTENT OF THE LEGISLATURE THAT THIS SECTION WOULD
 HAVE BEEN ENACTED EVEN IF SUCH INVALID PROVISIONS HAD NOT BEEN  INCLUDED
 HEREIN.
   §  4.  The superintendent of financial services shall promulgate rules
 and regulations necessary to implement the provisions of  sections  one,
 two  and  three  of  this  act no later than one year after this section
 shall have become a law.
   § 5. This act shall take effect immediately; provided, however, that:
   (a) sections one, two and three of this act shall take effect  on  the
 one hundred eightieth day after the superintendent of financial services
 has promulgated the rules and regulations required under section four of
 this act;
   (b) the superintendent of financial services shall notify the legisla-
 tive bill drafting commission upon the occurrence of the promulgation of
 the  rules  and  regulations provided for in section four of this act in
 order that the commission may maintain an accurate and timely  effective
 data  base  of the official text of the laws of the state of New York in
 furtherance of effectuating the provisions of section 44 of the legisla-
 tive law and section 70-b of the public officers law; and
   (c) effective immediately, the addition, amendment  and/or  repeal  of
 any rule or regulation necessary for the implementation of sections one,
 two  and  three of this act on their effective date are authorized to be
 made and completed on or before such effective date.

co-Sponsors

2025-A8549C (ACTIVE) - Details

Current Committee:: Assembly Codes
Law Section:: Banking Law
Laws Affected:: Amd §§675 & 678, add §675-a, Bank L

2025-A8549C (ACTIVE) - Summary

2025-A8549C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8549--C
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 20, 2025
                                ___________
 
 Introduced  by  M. of A. LAVINE, TAYLOR -- read once and referred to the
   Committee on Banks --  committee  discharged,  bill  amended,  ordered
   reprinted  as amended and recommitted to said committee -- recommitted
   to the Committee on Banks in accordance with Assembly Rule 3,  sec.  2
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee --  reported  and  referred  to  the
   Committee  on  Codes  --  committee  discharged, bill amended, ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation to  the  establishment  and
   administration of joint accounts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 675 of the banking law is amended by adding  a  new
 subdivision (d) to read as follows:
   (D)  THE PROVISIONS OF THIS SECTION SHALL NOT APPLY TO ACCOUNTS ESTAB-
 LISHED PRIMARILY FOR PERSONAL, HOUSEHOLD OR FAMILY  PURPOSES  AFTER  THE
 EFFECTIVE  DATE OF SECTION SIX HUNDRED SEVENTY-FIVE-A OF THIS ARTICLE OR
 MODIFIED ON OR AFTER SUCH EFFECTIVE DATE  BY  THE  ADDITION  OF  ANOTHER
 PERSON; PROVIDED, HOWEVER, THAT THE DESIGNATION OR REVOCATION OF AUTHOR-
 ITY  UNDER  A  POWER  OF ATTORNEY SHALL NOT BE DEEMED A MODIFICATION FOR
 PURPOSES OF THIS SUBDIVISION.
   § 2. Section 678 of the banking law is amended by adding a new  subdi-
 vision 3 to read as follows:
   3.  THE  PROVISIONS OF THIS SECTION SHALL NOT APPLY TO ACCOUNTS ESTAB-
 LISHED PRIMARILY FOR PERSONAL, HOUSEHOLD OR FAMILY  PURPOSES  AFTER  THE
 EFFECTIVE  DATE OF SECTION SIX HUNDRED SEVENTY-FIVE-A OF THIS ARTICLE OR
 MODIFIED ON OR AFTER SUCH EFFECTIVE DATE  BY  THE  ADDITION  OF  ANOTHER
 PERSON; PROVIDED, HOWEVER, THAT THE DESIGNATION OR REVOCATION OF AUTHOR-
 ITY  UNDER  A  POWER  OF ATTORNEY SHALL NOT BE DEEMED A MODIFICATION FOR
 PURPOSES OF THIS SUBDIVISION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11949-12-6
 A. 8549--C                          2

 
   § 3. The banking law is amended by adding a new section 675-a to  read
 as follows:
   § 675-A. ACCOUNTS INVOLVING MULTIPLE PERSONS. 1.  DEFINITIONS. FOR THE
 PURPOSES  OF  THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   (A) "ACCOUNT" MEANS A CONSUMER TRANSACTION ACCOUNT BETWEEN ONE OR MORE
 ACCOUNT OWNERS AND A STATE DEPOSITORY  INSTITUTION  OR  OTHER  FINANCIAL
 INSTITUTION,  PURSUANT TO WHICH FUNDS OR OTHER PROPERTY ARE DEPOSITED OR
 HELD.
   (B) "ACCOUNT AGREEMENT" MEANS A RECORD, INCLUDING ANY CONTRACT, SIGNA-
 TURE CARD, CONVENIENCE SIGNER DESIGNATION, JOINT ACCOUNT ATTESTATION, OR
 OTHER DOCUMENT, THAT ESTABLISHES OR GOVERNS THE TERMS AND CONDITIONS  OF
 AN ACCOUNT.
   (C)  "ACCOUNT  OWNER"  MEANS  A  NATURAL  PERSON  WHO, PURSUANT TO THE
 ACCOUNT AGREEMENT, IS IDENTIFIED AS  AN  ACCOUNT  OWNER,  AND  DOES  NOT
 INCLUDE  A PERSON AUTHORIZED ONLY TO TRANSACT ON THE ACCOUNT AS AN AGENT
 OR CONVENIENCE SIGNER.
   (D) "CONVENIENCE SIGNER" MEANS A  PERSON  DESIGNATED  BY  THE  ACCOUNT
 OWNER  OR  OWNERS  IN A CONVENIENCE SIGNER DESIGNATION TO TRANSACT ON AN
 ACCOUNT WITHOUT ANY OWNERSHIP INTEREST OR RIGHT OF SURVIVORSHIP IN  SUCH
 ACCOUNT, AND WHO MAY ONLY ACT ON BEHALF OF SUCH ACCOUNT OWNER OR OWNERS.
   (I)  IN  ADDITION  TO  TRANSACTING  ON  BEHALF  OF AN ACCOUNT OWNER, A
 CONVENIENCE SIGNER MAY EXERCISE AUTHORITY WITH RESPECT TO AN ACCOUNT  AS
 MAY  BE  AUTHORIZED BY THE ACCOUNT AGREEMENT AND POLICIES AND PROCEDURES
 OF A FINANCIAL INSTITUTION MAINTAINING SUCH ACCOUNT, INCLUDING AUTHORITY
 INCIDENTAL TO TRANSACTING ON THE ACCOUNT, PROVIDED THAT NO SUCH AUTHORI-
 TY SHALL CONFER ANY OWNERSHIP OR BENEFICIAL  INTEREST  IN  THE  SUMS  ON
 DEPOSIT.
   (II)  THE  AUTHORITY OF A PERSON DESIGNATED AS AN ATTORNEY-IN-FACT FOR
 AN ACCOUNT OWNER UNDER A POWER OF ATTORNEY SHALL  TAKE  PRECEDENCE  OVER
 AND  SUPERSEDE  THE AUTHORITY OF A CONVENIENCE SIGNER; SUCH ATTORNEY-IN-
 FACT SHALL HAVE THE AUTHORITY TO  REMOVE  A  CONVENIENCE  SIGNER  DESIG-
 NATION.
   (E)  (I)  "CONVENIENCE  SIGNER  DESIGNATION"  MEANS  A PROVISION IN AN
 ACCOUNT AGREEMENT, PURSUANT TO WHICH THE ACCOUNT  OWNER  OR  OWNERS  MAY
 AGREE  TO  AUTHORIZE  ONE  OR MORE PERSONS TO ACT AS CONVENIENCE SIGNERS
 WITH RESPECT TO THE ACCOUNT, IN SUBSTANTIALLY THE FOLLOWING FORM:
   "THE ACCOUNT OWNER OR OWNERS MAY CHOOSE TO NAME ONE OR  MORE  "CONVEN-
 IENCE SIGNERS" TO MAKE TRANSACTIONS ON THEIR BEHALF.
   A CONVENIENCE SIGNER:
   1. MAY DEPOSIT OR WITHDRAW MONEY FOR THE BENEFIT OF AN ACCOUNT OWNER;
   2. DOES NOT OWN THE ACCOUNT OR THE MONEY IN THE ACCOUNT;
   3. HAS NO RIGHT TO RECEIVE THE MONEY IF AN ACCOUNT OWNER DIES; AND
   4. MAY BE REMOVED BY AN ACCOUNT OWNER AT ANY TIME.
   IF  YOU WANT TO NAME ONE OR MORE CONVENIENCE SIGNERS, PLEASE LIST THEM
 HERE:"
   (II) A CONVENIENCE  SIGNER  DESIGNATION  SHALL  CONSTITUTE  A  SINGLE,
 UNIFORM DESIGNATION APPLICABLE TO ALL ACCOUNT OWNERS.
   (F)  "STATE  DEPOSITORY  INSTITUTION"  MEANS A BANKING ORGANIZATION, A
 FOREIGN BANKING CORPORATION LICENSED BY THE SUPERINTENDENT  TO  TRANSACT
 BUSINESS  IN  THIS  STATE,  OR  AN OUT-OF-STATE STATE BANK THAT OPENS OR
 OCCUPIES A BRANCH IN THIS STATE PURSUANT TO ARTICLE FIVE-C OF THIS CHAP-
 TER.
   (G) "JOINT ACCOUNT" MEANS AN ACCOUNT  IN  THE  NAME  OF  TWO  OR  MORE
 ACCOUNT OWNERS.
 A. 8549--C                          3
 
   (H)  "NET  CONTRIBUTION"  MEANS  THE SUM OF THE DEPOSITS MADE BY OR ON
 BEHALF OF AN ACCOUNT OWNER TO AN ACCOUNT, LESS WITHDRAWALS MADE BY OR ON
 BEHALF OF SUCH ACCOUNT OWNER THAT HAVE NOT BEEN PAID TO OR  APPLIED  FOR
 THE  BENEFIT  OF  ANOTHER ACCOUNT OWNER FROM SUCH ACCOUNT, AND A PROPOR-
 TIONATE AMOUNT OF ANY CHARGES DEDUCTED FROM SUCH ACCOUNT, PLUS A PROPOR-
 TIONATE  AMOUNT  OF  ANY  INTEREST  OR  DIVIDENDS EARNED, WHETHER OR NOT
 INCLUDED IN THE CURRENT BALANCE.
   (I) "PAYMENT OR TRANSFER" MEANS ANY WITHDRAWAL,  DISBURSEMENT,  DEBIT,
 OR OTHER DISPOSITION OF SUMS ON DEPOSIT.
   (J)  "PERSONAL USE" MEANS USE BY ONE OR MORE NATURAL PERSONS PRIMARILY
 FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES AND SHALL  NOT  INCLUDE:  (I)
 USE  IN CONNECTION WITH A PARTNERSHIP, JOINT VENTURE, OR OTHER ORGANIZA-
 TION FOR A BUSINESS PURPOSE; (II) USE BY ONE OR MORE PERSONS  ACTING  IN
 AN  AGENCY  CAPACITY  OR  AS A TRUSTEE FOR A CORPORATION, UNINCORPORATED
 ASSOCIATION, OR CHARITABLE  OR  CIVIC  ORGANIZATION;  OR  (III)  USE  IN
 CONNECTION  WITH A FIDUCIARY OR TRUST RELATIONSHIP IN WHICH SUCH FIDUCI-
 ARY OR TRUST RELATIONSHIP IS  ESTABLISHED  OTHER  THAN  BY  THE  ACCOUNT
 AGREEMENT.
   (K)  "PERSONAL  REPRESENTATIVE"  MEANS  A  PERSONAL  REPRESENTATIVE AS
 DEFINED BY SECTION 1-2.13 OF THE ESTATES, POWERS, AND TRUSTS LAW.
   (L) "SUMS ON DEPOSIT" MEANS THE BALANCE PAYABLE ON AN ACCOUNT, INCLUD-
 ING INTEREST AND DIVIDENDS EARNED BUT NOT YET CREDITED TO THE ACCOUNT.
   (M) "JOINT ACCOUNT ATTESTATION" MEANS A PROVISION IN AN ACCOUNT AGREE-
 MENT FOR A JOINT ACCOUNT WHEREBY ALL ACCOUNT OWNERS SHALL, BY SIGNATURE,
 ACKNOWLEDGE THEIR RIGHTS TO SUCH  JOINT  ACCOUNT  IN  SUBSTANTIALLY  THE
 FOLLOWING FORM:
   "BY  SIGNING  BELOW,  WE EACH CONFIRM THAT WE ARE JOINT OWNERS OF THIS
 ACCOUNT. WE UNDERSTAND AND AGREE TO THE FOLLOWING:
   1. ANY OF US MAY WITHDRAW OR SPEND MONEY  FROM  THIS  ACCOUNT  AT  ANY
 TIME, REGARDLESS OF WHO DEPOSITED THE MONEY;
   2.  HOWEVER,  EACH OF US GENERALLY OWNS THE MONEY WE DEPOSIT INTO THIS
 ACCOUNT, MINUS THE MONEY WE WITHDRAW;
   3. IF ONE OF US DIES, THE MONEY IN  THIS  ACCOUNT  WILL  PASS  TO  THE
 SURVIVING JOINT OWNER OR OWNERS; AND
   4.  IN A DISPUTE ABOUT OWNERSHIP OF THE MONEY IN THIS ACCOUNT, A COURT
 MAY CONSIDER THIS DOCUMENT AS EVIDENCE OF OUR INTENTIONS.
   NAME ALL JOINT OWNERS:"
   2.  ACCOUNT  AGREEMENTS;  CONVENIENCE  SIGNERS;  RELIANCE;   COMPETING
 CLAIMS;  LIABILITY. (A) AFTER THE EFFECTIVE DATE OF THIS SECTION, WHEN A
 DEPOSIT OF FUNDS OR OTHER PROPERTY IS MADE IN OR WITH ANY STATE  DEPOSI-
 TORY INSTITUTION IN AN ACCOUNT FOR PERSONAL USE, ESTABLISHED IN THE NAME
 OF  ONE  OR  MORE  ACCOUNT OWNERS, OR MODIFIED BY THE ADDITION OF ONE OR
 MORE ACCOUNT OWNERS OR CONVENIENCE SIGNERS, SUCH STATE DEPOSITORY INSTI-
 TUTION SHALL ESTABLISH AN ACCOUNT AGREEMENT,  WHICH  SHALL  INCLUDE,  AT
 MINIMUM:
   (I)  A  CLEAR AND CONSPICUOUS OPTION FOR ONE OR MORE ACCOUNT OWNERS TO
 DESIGNATE A CONVENIENCE SIGNER IN A CONVENIENCE SIGNER DESIGNATION  THAT
 SHALL  BE  EXECUTED  BY EACH SUCH ACCOUNT OWNER AND ACKNOWLEDGED BY EACH
 SUCH CONVENIENCE SIGNER; AND
   (II) WHERE SUCH ACCOUNT IS ESTABLISHED IN THE NAME OF  MORE  THAN  ONE
 ACCOUNT OWNER OR MODIFIED BY THE ADDITION OF ONE OR MORE ACCOUNT OWNERS,
 A  JOINT ACCOUNT ATTESTATION THAT SHALL BE EXECUTED BY EACH SUCH ACCOUNT
 OWNER.
   (B) AN ACCOUNT AGREEMENT, INCLUDING A CONVENIENCE  SIGNER  DESIGNATION
 OR JOINT ACCOUNT ATTESTATION, MAY BE ESTABLISHED ELECTRONICALLY PURSUANT
 TO REGULATIONS PROMULGATED BY THE SUPERINTENDENT.
 A. 8549--C                          4
 
   (C)  A  CONVENIENCE  SIGNER DESIGNATION MAY BE REVOKED UPON REQUEST BY
 ANY ACCOUNT OWNER AT ANY TIME.
   (D) A STATE DEPOSITORY INSTITUTION SHALL MAINTAIN AN ACCOUNT AGREEMENT
 REQUIRED  BY  THIS  SECTION FOR AS LONG AS SUCH ACCOUNT REMAINS OPEN AND
 FOR A PERIOD OF SIX YEARS AFTER IT IS CLOSED.
   (E) A STATE DEPOSITORY INSTITUTION  MAY  RELY  IN  GOOD  FAITH  ON  AN
 ACCOUNT  AGREEMENT,  INCLUDING THE JOINT ACCOUNT ATTESTATION AND CONVEN-
 IENCE SIGNER DESIGNATION, AND SHALL NOT BE REQUIRED TO DETERMINE THE NET
 CONTRIBUTIONS OR RESPECTIVE OWNERSHIP INTERESTS OF ACCOUNT OWNERS  IN  A
 JOINT ACCOUNT.
   (F)  PAYMENT  OR  TRANSFER  BY  A  STATE DEPOSITORY INSTITUTION TO ANY
 ACCOUNT OWNER OR CONVENIENCE SIGNER NAMED ON AN ACCOUNT PURSUANT  TO  AN
 ACCOUNT  AGREEMENT  THAT  COMPLIES WITH THE REQUIREMENTS OF THIS SECTION
 SHALL DISCHARGE SUCH STATE DEPOSITORY INSTITUTION FROM LIABILITY TO  THE
 EXTENT  OF  SUCH  PAYMENT  OR  TRANSFER,  WHETHER OR NOT SUCH PAYMENT OR
 TRANSFER IS CONSISTENT WITH THE  OWNERSHIP  INTERESTS  IN  THE  SUMS  ON
 DEPOSIT  AS  BETWEEN  ACCOUNT  OWNERS  OR  ANY OTHER PERSONS CLAIMING AN
 INTEREST THEREIN.
   (G) UPON RECEIPT OF WRITTEN NOTICE FROM AN ACCOUNT OWNER OR  FROM  THE
 PERSONAL  REPRESENTATIVE  OF A DECEASED ACCOUNT OWNER'S ESTATE DIRECTING
 THAT PAYMENT OR TRANSFER SHALL NOT BE PERMITTED, OR UPON  SERVICE  OF  A
 RESTRAINING  ORDER,  INJUNCTION, OR OTHER LAWFUL ORDER OR PROCESS ISSUED
 BY A COURT OR OTHER  AUTHORITY  OF  COMPETENT  JURISDICTION  PROHIBITING
 PAYMENT  OR TRANSFER, A STATE DEPOSITORY INSTITUTION MAY, IN GOOD FAITH,
 REFUSE, WITHOUT LIABILITY, TO MAKE ANY FURTHER PAYMENT OR TRANSFER  FROM
 AN ACCOUNT PENDING RESOLUTION OF THE DISPUTE, ORDER, OR PROCESS.
   (H) NOTHING IN THIS SECTION SHALL BE CONSTRUED:
   (I) TO REQUIRE A STATE DEPOSITORY INSTITUTION TO INVESTIGATE OR VERIFY
 AN ACCOUNT OWNER'S INTENT BEYOND THE FACE OF THE ACCOUNT AGREEMENT;
   (II) TO REQUIRE A STATE DEPOSITORY INSTITUTION TO DETERMINE THE VALID-
 ITY OR PRIORITY OF COMPETING CLAIMS TO THE SUMS ON DEPOSIT;
   (III) TO REQUIRE ANY OFFICER, EMPLOYEE, OR AGENT OF A STATE DEPOSITORY
 INSTITUTION  TO  PROVIDE  LEGAL,  TAX,  OR  ESTATE PLANNING ADVICE TO AN
 ACCOUNT OWNER OR ANY OTHER PERSON;
   (IV) TO ALTER, LIMIT OR IMPAIR  THE  RIGHTS  OR  REMEDIES  OF  ACCOUNT
 OWNERS  OR OTHER PERSONS TO RESOLVE DISPUTES BETWEEN THEMSELVES, INCLUD-
 ING DISPUTES CONCERNING THE OWNERSHIP OF THE  SUMS  ON  DEPOSIT  OR  ANY
 PAYMENT OR TRANSFER MADE FROM AN ACCOUNT, OR ANY RIGHT OR REMEDY THAT AN
 ACCOUNT  OWNER OR OTHER PERSON MAY HAVE AGAINST ANOTHER ACCOUNT OWNER OR
 OTHER PERSON WITH RESPECT THERETO;
   (V) TO ALTER, LIMIT OR IMPAIR THE RIGHT OF A STATE DEPOSITORY INSTITU-
 TION TO EXERCISE A LAWFUL RIGHT OF SETOFF; OR
   (VI) TO VALIDATE OR AUTHORIZE ANY PAYMENT OR TRANSFER THAT  IS  OTHER-
 WISE  UNLAWFUL,  OR TO ALTER, LIMIT OR IMPAIR ANY RIGHT OR REMEDY AVAIL-
 ABLE UNDER LAW WITH RESPECT TO PAYMENT OR TRANSFER RESULTING FROM FRAUD,
 UNDUE INFLUENCE, ELDER ABUSE, OR LACK OF AUTHORITY.
   (I) NO OFFICER, EMPLOYEE, OR AGENT OF A STATE  DEPOSITORY  INSTITUTION
 SHALL  BE  PERSONALLY LIABLE FOR ANY ACT OR OMISSION TAKEN IN GOOD FAITH
 AND IN THE ORDINARY COURSE OF SUCH PERSON'S DUTIES  IN  CONNECTION  WITH
 THE  ESTABLISHMENT,  EXECUTION, EXPLANATION, MAINTENANCE, OR IMPLEMENTA-
 TION OF AN ACCOUNT AGREEMENT PURSUANT TO THIS SECTION.
   (J) A STATE DEPOSITORY INSTITUTION THAT  FAILS  TO  MAKE  COMMERCIALLY
 REASONABLE  EFFORTS TO ESTABLISH, EXECUTE, OR MAINTAIN AN ACCOUNT AGREE-
 MENT PURSUANT TO THIS SECTION SHALL BE  DEEMED  TO  HAVE  VIOLATED  THIS
 CHAPTER  AND  MAY  BE  SUBJECT TO CIVIL PENALTIES, CORRECTIVE ACTION, OR
 OTHER ENFORCEMENT MEASURES IMPOSED BY THE SUPERINTENDENT.
 A. 8549--C                          5
 
   3. JOINT ACCOUNTS AND CONVENIENCE SIGNERS. (A) THIS SUBDIVISION  SHALL
 APPLY TO ACCOUNTS ESTABLISHED FOR PERSONAL USE ON OR AFTER THE EFFECTIVE
 DATE  OF THIS SECTION OR MODIFIED BY THE ADDITION OF AN ACCOUNT OWNER OR
 CONVENIENCE SIGNER ON OR AFTER SUCH EFFECTIVE DATE.
   (B)  JOINT  ACCOUNTS  AND  ACCOUNTS  WITH  A  SINGLE ACCOUNT OWNER MAY
 INCLUDE ONE OR MORE CONVENIENCE SIGNERS, AS DESIGNATED  BY  ALL  ACCOUNT
 OWNERS;  PROVIDED  HOWEVER, ANY ACCOUNT OWNER MAY REMOVE ANY CONVENIENCE
 SIGNER FROM AN ACCOUNT AT ANY TIME.
   (C) THE AUTHORITY OF A  CONVENIENCE  SIGNER  SHALL,  UNLESS  OTHERWISE
 SPECIFIED IN AN ACCOUNT AGREEMENT, BE PRESUMED TO SURVIVE THE DISABILITY
 OR INCAPACITY OF AN ACCOUNT OWNER.
   (D)  DEATH  OF  THE  LAST  SURVIVING ACCOUNT OWNER SHALL TERMINATE THE
 AUTHORITY OF A CONVENIENCE SIGNER.
   (E) DURING THE LIFETIME OF AN ACCOUNT OWNER,  OWNERSHIP  INTERESTS  IN
 THE SUMS ON DEPOSIT IN A JOINT ACCOUNT SHALL BE PRESUMED TO BE ACCORDING
 TO  SUCH  ACCOUNT OWNER'S NET CONTRIBUTION; PROVIDED HOWEVER, AS BETWEEN
 MARRIED ACCOUNT OWNERS, IN THE  ABSENCE  OF  PROOF  OTHERWISE,  THE  NET
 CONTRIBUTION OF EACH IS PRESUMED TO BE AN EQUAL AMOUNT.
   (F) THE DETERMINATION OF OWNERSHIP INTERESTS BY NET CONTRIBUTION SHALL
 BE  PRESUMED TO APPLY ONLY DURING THE LIFETIME OF ACCOUNT OWNERS AND NOT
 AFFECT THE OPERATION OF SURVIVORSHIP UPON THE DEATH OF AN ACCOUNT OWNER.
   (G) NO ACCOUNT OWNER SHALL BE PRESUMED TO HAVE MADE A PRESENT GIFT  OF
 SUMS  ON DEPOSIT TO ANOTHER ACCOUNT OWNER SOLELY BY REASON OF ESTABLISH-
 ING, MAINTAINING, OR DEPOSITING FUNDS INTO A JOINT ACCOUNT.
   (H) THE AUTHORITY OF AN ACCOUNT OWNER TO WITHDRAW FUNDS FROM  A  JOINT
 ACCOUNT  SHALL NOT DETERMINE OWNERSHIP INTERESTS IN THE SUMS ON DEPOSIT,
 AND ANY SUMS ON DEPOSIT IN A JOINT ACCOUNT MAY BE PAID OR WITHDRAWN,  IN
 WHOLE  OR  IN PART, BY ANY ACCOUNT OWNER IN ACCORDANCE WITH THE TERMS OF
 THE ACCOUNT AGREEMENT, WITHOUT REGARD TO  THE  BENEFICIAL  OWNERSHIP  OF
 SUCH SUMS ON DEPOSIT AS BETWEEN THE ACCOUNT OWNERS.
   (I)  UPON  THE DEATH OF AN ACCOUNT OWNER, THE DECEASED ACCOUNT OWNER'S
 INTEREST IN THE SUMS ON DEPOSIT IN A JOINT ACCOUNT IMMEDIATELY PRIOR  TO
 DEATH SHALL BE PRESUMED TO PASS BY RIGHT OF SURVIVORSHIP AND VEST IN THE
 SURVIVING  ACCOUNT  OWNER OR OWNERS, AND SHALL NOT BE PRESUMED TO BECOME
 PART OF SUCH  DECEASED  ACCOUNT  OWNER'S  ESTATE,  EXCEPT  AS  OTHERWISE
 PROVIDED BY LAW.
   (J)  TITLE  TO THE SUMS ON DEPOSIT AFTER THE DEATH OF AN ACCOUNT OWNER
 SHALL BE PRESUMED TO VEST IN THE SURVIVING ACCOUNT OWNER  OR  OWNERS  IN
 EQUAL  SHARES,  REGARDLESS  OF  THE SOURCE OF THE PROPERTY ON DEPOSIT OR
 WHEN SUCH PROPERTY WAS DEPOSITED, TO THE EXTENT PERMITTED BY  APPLICABLE
 LAW.
   (K)  NOTHING IN THIS SUBDIVISION SHALL BE CONSTRUED TO ALTER, LIMIT OR
 IMPAIR THE RIGHTS OF A BENEFICIARY TO PROCEEDS OF A LIFE INSURANCE POLI-
 CY, ANNUITY CONTRACT, RETIREMENT ACCOUNT, OR OTHER NON-PROBATE  TRANSFER
 PAYABLE  TO  SUCH  BENEFICIARY  PURSUANT TO APPLICABLE LAW AND DEPOSITED
 INTO A JOINT ACCOUNT.
   (L) FAILURE TO MAINTAIN OR  PRODUCE  AN  ACCOUNT  AGREEMENT  OR  JOINT
 ACCOUNT  ATTESTATION SHALL NOT, BY ITSELF, DEFEAT THE RIGHT OF SURVIVOR-
 SHIP WHERE THE ACCOUNT WAS ESTABLISHED IN  THE  NAMES  OF  TWO  OR  MORE
 ACCOUNT OWNERS.
   (M)  ANY  PAYMENT  OR  TRANSFER IN A JOINT ACCOUNT MADE BY A SURVIVING
 ACCOUNT OWNER AFTER THE DEATH OF ANOTHER  ACCOUNT  OWNER  SHALL  NOT  BE
 SUBJECT TO THE RIGHTS OF SUCH DECEASED ACCOUNT OWNER'S ESTATE, AND NOTH-
 ING  IN  THIS  SECTION  SHALL  BE  CONSTRUED TO ALTER, LIMIT OR IMPAIR A
 SURVIVING ACCOUNT OWNER'S OWNERSHIP INTEREST  IN  THE  SUMS  ON  DEPOSIT
 A. 8549--C                          6
 
 ARISING BY RIGHT OF SURVIVORSHIP IN A JOINT ACCOUNT, EXCEPT AS OTHERWISE
 PROVIDED BY LAW.
   (N) A TRANSFER RESULTING FROM THE APPLICATION OF THIS SECTION SHALL BE
 EFFECTIVE  BY  OPERATION OF LAW AND SHALL NOT BE TESTAMENTARY OR SUBJECT
 TO ESTATE ADMINISTRATION.
   (O) THE RULES GOVERNING OWNERSHIP AND SURVIVORSHIP  PURSUANT  TO  THIS
 SECTION  MAY  BE  REBUTTED  ONLY  BY  CLEAR AND CONVINCING EVIDENCE OF A
 DIFFERENT INTENT.
   4. REGULATIONS OF THE SUPERINTENDENT.  (A)  THE  SUPERINTENDENT  SHALL
 PROMULGATE,  AND  MAY  FROM TIME TO TIME AMEND, RULES AND REGULATIONS AS
 NECESSARY TO IMPLEMENT THIS SECTION,  INCLUDING  RULES  AND  REGULATIONS
 REQUIRING  THAT  ACCOUNT OWNERS AND CONVENIENCE SIGNERS BE PROVIDED WITH
 CLEAR INFORMATION REGARDING THE TERMS AND CONDITIONS  OF  ACCOUNTS,  THE
 LEGAL  RELATIONSHIP AMONG ACCOUNT OWNERS AND CONVENIENCE SIGNERS AND THE
 ROLE OF A STATE DEPOSITORY INSTITUTION OR  OTHER  FINANCIAL  INSTITUTION
 WITH RESPECT TO SUCH ACCOUNTS.
   (B) ANY RULE OR REGULATION PROMULGATED PURSUANT TO SECTION SIX HUNDRED
 SEVENTY-FIVE  OR  SIX  HUNDRED SEVENTY-EIGHT OF THE BANKING LAW, AS SUCH
 SECTIONS EXISTED  IMMEDIATELY  PRIOR  TO  THE  EFFECTIVE  DATE  OF  THIS
 SECTION,  SHALL  CONTINUE  IN  FULL  FORCE  AND  EFFECT  WITH RESPECT TO
 ACCOUNTS GOVERNED BY SUCH SECTIONS UNLESS OR UNTIL SUCH ACCOUNTS  BECOME
 SUBJECT  TO  THIS  SECTION, AND THE SUPERINTENDENT MAY AMEND, REPEAL, OR
 PROMULGATE SUCH RULES AND REGULATIONS AS  NECESSARY  FOR  THE  CONTINUED
 ADMINISTRATION OF SUCH ACCOUNTS.
   5. FEDERAL PREEMPTION. THIS SECTION SHALL NOT APPLY TO THE EXTENT THAT
 IT  IS  PREEMPTED  BY  FEDERAL  LAW.  NOTHING  IN  THIS SECTION SHALL BE
 CONSTRUED TO REQUIRE ANY ACT PROHIBITED, OR PROHIBIT ANY  ACT  REQUIRED,
 BY FEDERAL LAW.
   6.  SEVERABILITY. IF ANY CLAUSE, SENTENCE, PARAGRAPH OR SUBDIVISION OF
 THIS SECTION SHALL BE ADJUDGED BY ANY COURT OF COMPETENT JURISDICTION TO
 BE INVALID, SUCH JUDGMENT SHALL NOT AFFECT, IMPAIR,  OR  INVALIDATE  THE
 REMAINDER THEREOF, BUT SHALL BE CONFINED IN ITS OPERATION TO THE CLAUSE,
 SENTENCE,  PARAGRAPH  OR  SUBDIVISION  THEREOF  DIRECTLY INVOLVED IN THE
 CONTROVERSY IN WHICH SUCH JUDGMENT SHALL HAVE BEEN RENDERED. IT IS HERE-
 BY DECLARED TO BE THE INTENT OF THE LEGISLATURE THAT THIS SECTION  WOULD
 HAVE  BEEN ENACTED EVEN IF SUCH INVALID PROVISIONS HAD NOT BEEN INCLUDED
 HEREIN.
   § 4. The superintendent of financial services shall  promulgate  rules
 and  regulations  necessary to implement the provisions of sections one,
 two and three of this act no later than  one  year  after  this  section
 shall have become a law.
   § 5. This act shall take effect immediately; provided, however, that:
   (a)  sections  one, two and three of this act shall take effect on the
 earlier of:
   (i) the one hundred eightieth day after the superintendent  of  finan-
 cial  services  has promulgated the rules and regulations required under
 section four of this act; or
   (ii) eighteen months after the effective date of this act;
   (b) the superintendent of financial services shall notify the legisla-
 tive bill drafting commission upon the occurrence of the promulgation of
 the rules and regulations provided for in section four of  this  act  in
 order  that the commission may maintain an accurate and timely effective
 data base of the official text of the laws of the state of New  York  in
 furtherance of effectuating the provisions of section 44 of the legisla-
 tive law and section 70-b of the public officers law; and
 A. 8549--C                          7
 
   (c)  effective  immediately,  the addition, amendment and/or repeal of
 any rule or regulation necessary for the implementation of sections one,
 two and three of this act on their effective date are authorized  to  be
 made and completed on or before such effective date.

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Current Bill Status - In Assembly Committee

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Bill Amendments

2025-A8549 - Details

2025-A8549 - Summary

2025-A8549 - Bill Text download pdf

2025-A8549A - Details

2025-A8549A - Summary

2025-A8549A - Bill Text download pdf

co-Sponsors

Al Taylor

2025-A8549B - Details

2025-A8549B - Summary

2025-A8549B - Bill Text download pdf

co-Sponsors

Al Taylor

2025-A8549C (ACTIVE) - Details

2025-A8549C (ACTIVE) - Summary

2025-A8549C (ACTIVE) - Bill Text download pdf

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