Legislation
SECTION 9-N
Trust accounts; address of beneficiary
Banking (BNK) CHAPTER 2, ARTICLE 1
§ 9-n. Trust accounts; address of beneficiary. 1. Every banking
institution, which for the purposes of this section means a bank, trust
company, savings bank, savings and loan association, licensed foreign
bank or credit union, which shall hold accounts by depositors in such
depositor's own name and, further, in trust for a third party
beneficiary or beneficiaries, shall make a written record of the address
of any such beneficiary or beneficiaries at the time a trust account is
established.
2. The superintendent shall enforce the provisions of this section by
appropriate rules, regulations and orders.
institution, which for the purposes of this section means a bank, trust
company, savings bank, savings and loan association, licensed foreign
bank or credit union, which shall hold accounts by depositors in such
depositor's own name and, further, in trust for a third party
beneficiary or beneficiaries, shall make a written record of the address
of any such beneficiary or beneficiaries at the time a trust account is
established.
2. The superintendent shall enforce the provisions of this section by
appropriate rules, regulations and orders.