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 Oct. 26, 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
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 107-A’s source at nysenate​.gov

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