State Codes and Statutes

Statutes > New-york > Bnk > Article-4 > 171

§ 171. Repayment of deposits standing in the names of minors, trustees  or   joint  depositors;  repayment  where  adverse  claim  is  asserted;  interpleader in certain actions; effect of claims or advices originating  in, and statutes, rules or regulations purporting  to  be  in  force  in  occupied  territory. 1. When any deposit shall be made by or in the name  of any minor, the same 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 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 for such  deposit  or  any  part  thereof  to  the  private banker.    4.  A  private banker need not recognize or give any effect to a claim  of authority to order the payment or delivery  of  any  funds  or  other  property  standing on his books to the credit of, or held by him for the  account of,  any  person,  corporation,  unincorporated  association  or  partnership,  which  claim  conflicts with a claim of authority of which  the private banker had  prior  notice,  unless  the  person  or  persons  asserting  such  subsequent  claim  shall  procure  a restraining order,  injunction or other appropriate process against said private banker from  a court of competent jurisdiction in the  United  States,  or,  in  lieu  thereof,  with the consent of said private banker, shall execute to said  private banker, in form and with sureties acceptable  to  him,  a  bond,  indemnifying  him  for  any  and  all liability, loss, damage, costs and  expenses for or on account of any payment or delivery of  such  property  by  him  pursuant  to  such  subsequent  claim of authority or for or on  account of the dishonor of any check or other order  of  any  person  or  persons  asserting  the  claim of authority of which such private banker  already had notice at the  time  the  subsequent  conflicting  claim  of  authority is asserted by the person or persons furnishing such bond.    5.  Notice  to any private banker of an adverse claim to any property,  or to a deposit of cash or securities  standing  on  his  books  to  the  credit of, or held for the account of, any person shall not be effectual  to  cause  said private banker to recognize said adverse claimant unless  said adverse claimant shall also either  procure  a  restraining  order,  injunction or other appropriate process against said private banker from  a  court  of  competent  jurisdiction  in  the  United States in a cause  therein instituted by him wherein the person to whose credit the deposit  stands, or for whose account the property or deposit  is  held,  or  his  executor  or  administrator  is made a party and served with summons, or  shall execute  to  said  private  banker,  in  form  and  with  sureties  acceptable  to him a bond, indemnifying said private banker from any and  all liability, loss, damage, costs and expenses, for and on  account  of  the  payment  of  or  delivery  pursuant  to  such  adverse claim or the  dishonor of the check or other order of the person to whose  credit  the  deposit stands, or for whose account the property or deposit is held, on  the books of said private banker.    6. (a) In all actions against any private banker to recover for 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 private banker, 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 private banker to the credit of the action until final  judgment therein, and be entitled to the same interest as other deposits  of the same  class,  and  shall  be  paid  by  such  private  banker  in  accordance  with  the  final  judgment  of  the court; 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 private  banker 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 private banker to recover  deposits shall be in the discretion of the court,  and  may  be  charged  upon the fund affected by the action.    7.  (a)  A private banker need not recognize or give any effect to (1)  any claim to a deposit of cash, securities, or other  property  standing  on  his  books  to the credit of, or held by him for the account of, any  corporation, firm or association  in  occupied  territory,  or  (2)  any  advice,  statute,  rule  or  regulation  purporting to cancel or to give  notice of the cancellation of the authority of any person  at  the  time  appearing  on the books of such private banker as authorized to withdraw  or otherwise dispose of cash, securities,  or  other  property  of  such  corporation, firm or association, unless such private banker is required  so  to  do  by  appropriate  process  procured against him in a court of  competent  jurisdiction  in  the  United  States  in  a  cause   therein  instituted  by  or in the name of such corporation, firm or association,  or unless the person making such claim or giving such advice or invoking  such statute, rule or regulation, as the case may be, shall  execute  to  such private banker, in form and with sureties acceptable to him, a bond  indemnifying  him  from  any  and all liability, loss, damage, costs and  expenses for and on account of recognizing or giving any effect to  such  claim, advice, statute, rule or regulation.    (b)  For  the  purposes  of  this  subdivision  (1) the term "occupied  territory"  shall  mean  territory  occupied  by  a  dominant  authority  asserting  governmental,  military  or police powers of any kind in such  territory, but not recognized by  the  United  States  as  the  de  jure  government  of  such  territory,  and (2) the term "corporation, firm or  association in occupied territory" shall mean  a  corporation,  firm  or  association  which  has,  or at any time has had, a place of business in  territory which has at any time been occupied territory.    (c) The foregoing provisions of this subdivision  shall  be  effective  only in cases where (1) such claim or advice purports or appears to have  been  sent from, or is reasonably believed to have been sent pursuant to  orders originating in, such occupied  territory  during  the  period  of  occupation,  or  (2)  such  statute,  rule or regulation appears to have  emanated from such dominant authority and purports to be or to have been  in force in such occupied territory during the period of occupation.    (d) The foregoing  provisions  of  this  subdivision  shall  apply  to  claims,  advices,  statutes, rules or regulations made, given or invoked  either prior to, or on or subsequent to the effective date of this act.

State Codes and Statutes

Statutes > New-york > Bnk > Article-4 > 171

§ 171. Repayment of deposits standing in the names of minors, trustees  or   joint  depositors;  repayment  where  adverse  claim  is  asserted;  interpleader in certain actions; effect of claims or advices originating  in, and statutes, rules or regulations purporting  to  be  in  force  in  occupied  territory. 1. When any deposit shall be made by or in the name  of any minor, the same 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 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 for such  deposit  or  any  part  thereof  to  the  private banker.    4.  A  private banker need not recognize or give any effect to a claim  of authority to order the payment or delivery  of  any  funds  or  other  property  standing on his books to the credit of, or held by him for the  account of,  any  person,  corporation,  unincorporated  association  or  partnership,  which  claim  conflicts with a claim of authority of which  the private banker had  prior  notice,  unless  the  person  or  persons  asserting  such  subsequent  claim  shall  procure  a restraining order,  injunction or other appropriate process against said private banker from  a court of competent jurisdiction in the  United  States,  or,  in  lieu  thereof,  with the consent of said private banker, shall execute to said  private banker, in form and with sureties acceptable  to  him,  a  bond,  indemnifying  him  for  any  and  all liability, loss, damage, costs and  expenses for or on account of any payment or delivery of  such  property  by  him  pursuant  to  such  subsequent  claim of authority or for or on  account of the dishonor of any check or other order  of  any  person  or  persons  asserting  the  claim of authority of which such private banker  already had notice at the  time  the  subsequent  conflicting  claim  of  authority is asserted by the person or persons furnishing such bond.    5.  Notice  to any private banker of an adverse claim to any property,  or to a deposit of cash or securities  standing  on  his  books  to  the  credit of, or held for the account of, any person shall not be effectual  to  cause  said private banker to recognize said adverse claimant unless  said adverse claimant shall also either  procure  a  restraining  order,  injunction or other appropriate process against said private banker from  a  court  of  competent  jurisdiction  in  the  United States in a cause  therein instituted by him wherein the person to whose credit the deposit  stands, or for whose account the property or deposit  is  held,  or  his  executor  or  administrator  is made a party and served with summons, or  shall execute  to  said  private  banker,  in  form  and  with  sureties  acceptable  to him a bond, indemnifying said private banker from any and  all liability, loss, damage, costs and expenses, for and on  account  of  the  payment  of  or  delivery  pursuant  to  such  adverse claim or the  dishonor of the check or other order of the person to whose  credit  the  deposit stands, or for whose account the property or deposit is held, on  the books of said private banker.    6. (a) In all actions against any private banker to recover for 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 private banker, 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 private banker to the credit of the action until final  judgment therein, and be entitled to the same interest as other deposits  of the same  class,  and  shall  be  paid  by  such  private  banker  in  accordance  with  the  final  judgment  of  the court; 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 private  banker 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 private banker to recover  deposits shall be in the discretion of the court,  and  may  be  charged  upon the fund affected by the action.    7.  (a)  A private banker need not recognize or give any effect to (1)  any claim to a deposit of cash, securities, or other  property  standing  on  his  books  to the credit of, or held by him for the account of, any  corporation, firm or association  in  occupied  territory,  or  (2)  any  advice,  statute,  rule  or  regulation  purporting to cancel or to give  notice of the cancellation of the authority of any person  at  the  time  appearing  on the books of such private banker as authorized to withdraw  or otherwise dispose of cash, securities,  or  other  property  of  such  corporation, firm or association, unless such private banker is required  so  to  do  by  appropriate  process  procured against him in a court of  competent  jurisdiction  in  the  United  States  in  a  cause   therein  instituted  by  or in the name of such corporation, firm or association,  or unless the person making such claim or giving such advice or invoking  such statute, rule or regulation, as the case may be, shall  execute  to  such private banker, in form and with sureties acceptable to him, a bond  indemnifying  him  from  any  and all liability, loss, damage, costs and  expenses for and on account of recognizing or giving any effect to  such  claim, advice, statute, rule or regulation.    (b)  For  the  purposes  of  this  subdivision  (1) the term "occupied  territory"  shall  mean  territory  occupied  by  a  dominant  authority  asserting  governmental,  military  or police powers of any kind in such  territory, but not recognized by  the  United  States  as  the  de  jure  government  of  such  territory,  and (2) the term "corporation, firm or  association in occupied territory" shall mean  a  corporation,  firm  or  association  which  has,  or at any time has had, a place of business in  territory which has at any time been occupied territory.    (c) The foregoing provisions of this subdivision  shall  be  effective  only in cases where (1) such claim or advice purports or appears to have  been  sent from, or is reasonably believed to have been sent pursuant to  orders originating in, such occupied  territory  during  the  period  of  occupation,  or  (2)  such  statute,  rule or regulation appears to have  emanated from such dominant authority and purports to be or to have been  in force in such occupied territory during the period of occupation.    (d) The foregoing  provisions  of  this  subdivision  shall  apply  to  claims,  advices,  statutes, rules or regulations made, given or invoked  either prior to, or on or subsequent to the effective date of this act.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-4 > 171

§ 171. Repayment of deposits standing in the names of minors, trustees  or   joint  depositors;  repayment  where  adverse  claim  is  asserted;  interpleader in certain actions; effect of claims or advices originating  in, and statutes, rules or regulations purporting  to  be  in  force  in  occupied  territory. 1. When any deposit shall be made by or in the name  of any minor, the same 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 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 for such  deposit  or  any  part  thereof  to  the  private banker.    4.  A  private banker need not recognize or give any effect to a claim  of authority to order the payment or delivery  of  any  funds  or  other  property  standing on his books to the credit of, or held by him for the  account of,  any  person,  corporation,  unincorporated  association  or  partnership,  which  claim  conflicts with a claim of authority of which  the private banker had  prior  notice,  unless  the  person  or  persons  asserting  such  subsequent  claim  shall  procure  a restraining order,  injunction or other appropriate process against said private banker from  a court of competent jurisdiction in the  United  States,  or,  in  lieu  thereof,  with the consent of said private banker, shall execute to said  private banker, in form and with sureties acceptable  to  him,  a  bond,  indemnifying  him  for  any  and  all liability, loss, damage, costs and  expenses for or on account of any payment or delivery of  such  property  by  him  pursuant  to  such  subsequent  claim of authority or for or on  account of the dishonor of any check or other order  of  any  person  or  persons  asserting  the  claim of authority of which such private banker  already had notice at the  time  the  subsequent  conflicting  claim  of  authority is asserted by the person or persons furnishing such bond.    5.  Notice  to any private banker of an adverse claim to any property,  or to a deposit of cash or securities  standing  on  his  books  to  the  credit of, or held for the account of, any person shall not be effectual  to  cause  said private banker to recognize said adverse claimant unless  said adverse claimant shall also either  procure  a  restraining  order,  injunction or other appropriate process against said private banker from  a  court  of  competent  jurisdiction  in  the  United States in a cause  therein instituted by him wherein the person to whose credit the deposit  stands, or for whose account the property or deposit  is  held,  or  his  executor  or  administrator  is made a party and served with summons, or  shall execute  to  said  private  banker,  in  form  and  with  sureties  acceptable  to him a bond, indemnifying said private banker from any and  all liability, loss, damage, costs and expenses, for and on  account  of  the  payment  of  or  delivery  pursuant  to  such  adverse claim or the  dishonor of the check or other order of the person to whose  credit  the  deposit stands, or for whose account the property or deposit is held, on  the books of said private banker.    6. (a) In all actions against any private banker to recover for 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 private banker, 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 private banker to the credit of the action until final  judgment therein, and be entitled to the same interest as other deposits  of the same  class,  and  shall  be  paid  by  such  private  banker  in  accordance  with  the  final  judgment  of  the court; 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 private  banker 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 private banker to recover  deposits shall be in the discretion of the court,  and  may  be  charged  upon the fund affected by the action.    7.  (a)  A private banker need not recognize or give any effect to (1)  any claim to a deposit of cash, securities, or other  property  standing  on  his  books  to the credit of, or held by him for the account of, any  corporation, firm or association  in  occupied  territory,  or  (2)  any  advice,  statute,  rule  or  regulation  purporting to cancel or to give  notice of the cancellation of the authority of any person  at  the  time  appearing  on the books of such private banker as authorized to withdraw  or otherwise dispose of cash, securities,  or  other  property  of  such  corporation, firm or association, unless such private banker is required  so  to  do  by  appropriate  process  procured against him in a court of  competent  jurisdiction  in  the  United  States  in  a  cause   therein  instituted  by  or in the name of such corporation, firm or association,  or unless the person making such claim or giving such advice or invoking  such statute, rule or regulation, as the case may be, shall  execute  to  such private banker, in form and with sureties acceptable to him, a bond  indemnifying  him  from  any  and all liability, loss, damage, costs and  expenses for and on account of recognizing or giving any effect to  such  claim, advice, statute, rule or regulation.    (b)  For  the  purposes  of  this  subdivision  (1) the term "occupied  territory"  shall  mean  territory  occupied  by  a  dominant  authority  asserting  governmental,  military  or police powers of any kind in such  territory, but not recognized by  the  United  States  as  the  de  jure  government  of  such  territory,  and (2) the term "corporation, firm or  association in occupied territory" shall mean  a  corporation,  firm  or  association  which  has,  or at any time has had, a place of business in  territory which has at any time been occupied territory.    (c) The foregoing provisions of this subdivision  shall  be  effective  only in cases where (1) such claim or advice purports or appears to have  been  sent from, or is reasonably believed to have been sent pursuant to  orders originating in, such occupied  territory  during  the  period  of  occupation,  or  (2)  such  statute,  rule or regulation appears to have  emanated from such dominant authority and purports to be or to have been  in force in such occupied territory during the period of occupation.    (d) The foregoing  provisions  of  this  subdivision  shall  apply  to  claims,  advices,  statutes, rules or regulations made, given or invoked  either prior to, or on or subsequent to the effective date of this act.