NY Banking L § 678 (2021)
2021 New York Laws BNK - Banking Article 13-E - Joint Deposits and Shares; Unauthorized Withdrawals; Withdrawals From Decedents' Accounts 678 - Accounts for Convenience Only.

§ 678.  Accounts  for  convenience  only.  1.  When a deposit of cash,   securities or other property has been made, or shares shall be issued in   or  with  any  banking  organization  or  foreign  banking   corporation   transacting  business in this state, in an account established after the   effective date of this section, in the name of a depositor  and  another   person  and  in  form  to  be  paid  or  delivered  to  either  "for the   convenience" of the  depositor,  the  making  of  such  deposit  or  the   issuance  of  such  shares shall not affect the title to such deposit or   shares and the depositor shall not be considered to have made a gift  of   one-half  the  deposit  or  of  any additions or accruals thereon to the   other person, and, on the death of the depositor, the other person shall   have no right of survivorship in the account. If an addition is made  to   such an account by anyone other than the depositor, such an addition and   accruals thereon shall be considered to have been made by the depositor.   Such  deposit  or  shares,  together  with  all  additions  and accruals   thereon, may be paid or delivered to the depositor or the other  person,   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 prior to the receipt by the banking organization  or   foreign banking corporation of notice in writing signed by the depositor   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 the depositor for   any further payments or delivery. If the depositor is dead, such payment   or delivery to the other person shall be a valid and sufficient  release   to  the banking organization or foreign banking corporation prior to the   receipt by the banking organization or foreign  banking  corporation  of   written  notice  of  the  depositor's  death.  A banking organization or   foreign banking corporation which, upon the death of the  depositor  and   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   representative  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,   administrator or qualified representative to whom payment is made  shall   be  a  valid  and  sufficient  release  and  discharge  of the financial   institution.2. The superintendent of financial services shall promulgate  and  may   from  time  to  time  amend  rules  and regulations which require that a   depositor who requests the establishment of an account in  the  name  of   the  depositor and another person "for the convenience" of the depositor   be informed of the terms and conditions  of  the  account  described  in   subdivision   one  of  this  section,  including  the  relationship  and   consequences between the parties in  such  an  account,  the  difference   between  such  an  account and a joint account established under section   six hundred seventy-five of this article, and  the  responsibilities  of   the  institution  with  which  such  an  account  is  established.  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.