NY Banking L § 675 (2021)
2021 New York Laws BNK - Banking Article 13-E - Joint Deposits and Shares; Unauthorized Withdrawals; Withdrawals From Decedents' Accounts 675 - Joint Deposits and Shares; Ownership and Payment.

§ 675.  Joint  deposits  and shares; ownership and payment. (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 made, by  either  of  such  persons, after  the  making thereof, shall become the property of such persons as joint tenants 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 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 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 corporation  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.  (b) 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.  (c) 1. The superintendent of financial services 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.   2. 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.