N.Y. Banking Law Section 336
Special remedies where property is deposited

1.

Every banking organization, foreign banking corporation or national banking association authorized to receive personal property upon deposit for safe-keeping or as bailee for storage, and which shall have received any such property and shall have issued a receipt therefor, shall have the remedies of a warehouseman as to such property, and the banking organization, foreign banking corporation or national banking association shall have a lien on such deposits or the proceeds thereof to the same extent and with the same effect, and enforceable in the same manner, as is provided by article seven of the uniform commercial code.

2.

A banking organization, foreign banking corporation or national banking association holding personal property upon deposit for which a receipt was issued by a predecessor in interest may have the remedies provided by this section.

3.

The provisions of this section shall not preclude any other remedy by action or otherwise for the enforcement of the claim of the banking organization, foreign banking corporation or national banking association against the person from whom personal property has been received upon deposit and to whom a receipt shall have been issued therefor, nor bar the right of the banking organization, foreign banking corporation or national banking association to recover the debt due it in any other lawful manner.

Source: Section 336 — Special remedies where property is deposited, https://www.­nysenate.­gov/legislation/laws/BNK/336 (updated Sep. 22, 2014; accessed Apr. 13, 2024).

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Accessed:
Apr. 13, 2024

Last modified:
Sep. 22, 2014

§ 336’s source at nysenate​.gov

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