N.Y. Banking Law Section 680-L
Term and termination


1.

Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.

2.

Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.

3.

A bank that pays the remaining balance as provided under subdivision two of this section has no further obligation with respect to the special deposit. * NB Effective January 1, 2026

Source: Section 680-L — Term and termination, https://www.­nysenate.­gov/legislation/laws/BNK/680-L (updated Dec. 12, 2025; accessed Dec. 13, 2025).

Verified:
Dec. 13, 2025

Last modified:
Dec. 12, 2025

§ 680-L. Term & termination's source at nysenate​.gov

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