NY Banking L § 239 (2021)
2021 New York Laws BNK - Banking Article 6 - Savings Banks 239 - Repayment of Deposits of Minors, Trust Deposits, Joint Deposits, and Deposits Adversely Claimed; Interpleader in Certain Actions; Statute of Limitatio

§ 239.   Repayment  of  deposits  of  minors,  trust  deposits,  joint deposits,  and  deposits  adversely  claimed;  interpleader  in  certain actions;  statute  of limitations. 1. Any deposit made by or in the name of any minor shall be held for the exclusive right and benefit  of  such minor,  and  free  from the control or lien of all other persons, except creditors, and  shall  be  paid  together  with  the  interest  credited thereon,  to  the person in whose name the deposit shall have been made, and the receipt or acquittance of  such  minor  shall  be  a  valid  and sufficient  release and discharge to the savings bank for any payment so made.   5. Notice to any savings  bank  of  an  adverse  claim  to  a  deposit standing on its books to the credit of any person shall not be effectual to  cause such savings bank to recognize such adverse claimant unless he shall also either procure  a  restraining  order,  injunction  or  other appropriate  process against such savings bank from a court of competent jurisdiction in a cause therein instituted by him wherein the person  to whose credit the deposit stands or his executor or administrator is made a  party and served with summons, or shall execute to such savings bank, in form and with sureties acceptable to it  a  bond,  indemnifying  such savings  bank  from  any  and  all  liability,  loss,  damage, costs and expenses, for and on account of the payment of such adverse claim or the dishonor of the order of the person to whose credit the  deposit  stands on the books of such savings bank; provided, that this section shall not apply  in  any  instance  where  the  person to whose credit the deposit stands  is  a  fiduciary  for  such  adverse  claimant,  and  the  facts constituting  such  relationship, and the facts showing reasonable cause for belief on the part of such claimant that such fiduciary is about  to misappropriate such deposit, are made to appear by the affidavit of such claimant.   6.  (a)  In  all actions against any savings bank to recover moneys on deposit therewith, if there be any person or persons, not parties to the action, who claim the same fund,  the  court  in  which  the  action  is pending  may, on the petition of such savings bank, and upon eight days' notice to the plaintiff and such claimants, and without proof as to  the merits  of  the  claim,  make  an  order amending the proceedings in the action by making such claimants parties defendant thereto; and the court shall thereupon proceed to determine the rights  and  interests  of  the several  parties to the action in and to such funds. The remedy provided in this section shall be in  addition  to  and  not  exclusive  of  that provided in any other interpleader provision.  (b)  The  funds on deposit which are the subject of such an action may remain with such savings bank to the credit of the  action  until  final judgment therein, and be entitled to the same interest as other deposits of  the  same  class,  or,  in  the  case  of  deposits held pursuant to subdivision one-a of section two hundred thirty-four of this chapter, to interest at the rate specified in the deposit  contract  until  maturity and  at  the  rate  at  which  interest  is  credited on regular savings accounts from maturity until final judgment, and shall be paid  by  such savings bank in accordance with the final judgment of the courts; or the deposit  in  controversy  may  be  paid  into  court  to await the final determination of the action, and when the deposit is so paid into  court such  savings bank shall be struck out as a party to the action, and its liability for such deposit shall cease.  (c) The costs in  all  actions  against  a  savings  bank  to  recover deposits  shall  be  in  the discretion of the court, and may be charged upon the fund affected by the action.