N.Y. Banking Law Section 680-D
Requirements for special deposit


A deposit is a special deposit if it is:

1.

a deposit of funds in a bank under an account agreement;

2.

for the benefit of at least two beneficiaries, one or more of which may be a depositor;

3.

denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;

4.

for a permissible purpose stated in the account agreement; and

5.

subject to a contingency. * NB Effective January 1, 2026

Source: Section 680-D — Requirements for special deposit, https://www.­nysenate.­gov/legislation/laws/BNK/680-D (updated Dec. 12, 2025; accessed Dec. 13, 2025).

Verified:
Dec. 13, 2025

Last modified:
Dec. 12, 2025

§ 680-D. Requirements for special deposit's source at nysenate​.gov

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