N.Y. Estates, Powers & Trusts Law Section 7-5.4
Effect of payment

§ 7-5.4 Effect of payment A financial institution which, upon the death of a depositor and prior to service upon it of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payment, makes payment to a beneficiary or if the beneficiary is under eighteen years of age, to the guardian of the property or to the parent or parents of the infant beneficiary pursuant to section 7-5.3, shall, to the extent of such payment, be released from liability to any person claiming a right to the funds and the receipt or acquittance of the person to whom payment is made shall be a valid and sufficient release and discharge of the financial institution.

Source: Section 7-5.4 — Effect of payment, https://www.­nysenate.­gov/legislation/laws/EPT/7-5.­4 (updated Sep. 22, 2014; accessed May 4, 2024).

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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 7-5.4’s source at nysenate​.gov

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