N.Y. Banking Law Section 107-A
Security for public deposits


1.

As used in this section, the following terms shall have the following meanings:

(a)

“Public depositary”. A bank, trust company or other depositary, whether state or federally chartered, authorized to accept and hold deposits of public funds under the laws of this state.

(b)

“Public funds”. Funds of a political subdivision.

(c)

“Political subdivision”. Any municipal corporation, school district, board of cooperative educational services, district corporation, special improvement district governed by a separate board of commissioners or a public library.

(d)

“Public deposits”. Deposits of public funds in a public depositary which are available for all uses generally permitted by the public depositary to the depositing political subdivision for actually and finally collected funds under the public depositary’s account agreement or policies.

2.

Whenever a political subdivision is required by any general or special law to obtain a pledge of assets or other security from a public depositary for its public deposits and such political subdivision has entered into a written agreement with such public depositary relating to such public deposits and has provided written notice in a form specified by such written agreement to the public depositary of such public deposits, the public depositary shall comply with the provisions of such law at the time it accepts any public deposits from the political subdivision; provided, however, that where the public depositary and political subdivision have agreed in writing as to the maximum amount of security which such depositary shall provide, and the terms, conditions and timing of the provisions of security pursuant thereto, and the depositary has at all times complied with such agreement, it shall be deemed to have complied with the provisions of such law for so long as it shall comply with such agreement.

Source: Section 107-A — Security for public deposits, https://www.­nysenate.­gov/legislation/laws/BNK/107-A (updated Sep. 22, 2014; accessed Jul. 6, 2024).

94
Change from bank to trust company
96
General powers
96‑A
Servicing of mortgages by banks
96‑B
Payroll payment by banks or trust companies
96‑C
Power to act as trustee under self-employed retirement trust or individual retirement trust
96‑D
Banking development districts
97
Power to purchase securities and stocks
98
Power to take and hold real estate
98‑A
Club accounts
100
Fiduciary powers
100‑A
Fiduciary capacities
100‑B
Investments as fiduciary
100‑C
Common trust funds
100‑D
Foreign common trust funds
101
Additional powers of certain trust companies
102
Powers of specially chartered trust companies
102‑A
Limited liability trust companies
103
Restrictions on loans, purchases of securities and total liabilities to bank or trust company of any one person
104
Entries in books
105
Branch offices
105‑A
Electronic facilities
105‑B
Trust offices
106
Deposits by banks and trust companies with other banking corporations and private bankers
107
Reserves against deposits
107‑A
Security for public deposits
108
Rates of interest
108‑A
Acceptance of United States currency
109
Closing of books
110
Surplus fund
111
Profits
112
Dividends
113
Change of location
114
Assessment of stockholders to make good impairment of capital stock
121
Reports to directors
122
Examinations of banks and trust companies by directors
123
Reports of directors’ examinations
124
Communications from department of financial services to be submitted to directors and noted in minutes
125
Reports to superintendent
128
Preservation of books and records
129
Requirement of notice on withdrawal of certain time deposits
129‑A
Requirement of written notification
130
Restrictions on officers, directors and employees
131
Prohibitions against encroachments upon certain powers of banks and trust companies
132
Use of sign, or words, indicating bank or trust company by unauthorized persons prohibited
133
Use of banking institution name
134
Repayment of deposits standing in the names of minors, trustees or joint depositors
136
Change of national banking association into state bank by conversion or merger
136‑A
Purchase of assets of national banking association by bank or trust company
136‑B
Approval of superintendent
136‑C
Effect of merger or conversion of national banking association into state bank
137
Change of state bank into national banking association by conversion, merger or consolidation
138
Foreign branches
139
Saving clause
140‑A
Stock option plans

Accessed:
Jul. 6, 2024

Last modified:
Sep. 22, 2014

§ 107-A’s source at nysenate​.gov

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