N.Y. Banking Law § 675: Joint deposits and shares; ownership and payment

§ 675. Joint deposits and shares; ownership and payment. (a) When a

deposit of cash, securities, or other property has been made or shall

hereafter be made in or with any banking organization or foreign banking

corporation transacting business in this state, or shares shall have

been already issued or shall be hereafter issued, in any savings and

loan association or credit union transacting business in this state, in

the name of such depositor or shareholder and another person and in form

to be paid or delivered to either, or the survivor of them, such deposit

or shares and any additions thereto made, by either of such persons,

after the making thereof, shall become the property of such persons as

joint tenants and the same, together with all additions and accruals

thereon, shall be held for the exclusive use of the persons so named,

and may be paid or delivered to either during the lifetime of both or to

the survivor after the death of one of them, and such payment or

delivery and the receipt or acquittance of the one to whom such payment

or delivery is made, shall be a valid and sufficient release and

discharge to the banking organization or foreign banking corporation for

all payments or deliveries made on account of such deposit or shares

prior to the receipt by the banking organization or foreign banking

corporation of notice in writing signed by any one of such joint

tenants, not to pay or deliver such deposit or shares and the additions

and accruals thereon in accordance with the terms thereof, and after

receipt of any such notice, the banking organization or foreign banking

corporation may require the receipt or acquittance of both such joint

tenants for any further payments or delivery.

(b) The making of such deposit or the issuance of such shares in such

form shall, in the absence of fraud or undue influence, be prima facie

evidence, in any action or proceeding to which the banking organization,

foreign banking corporation, surviving depositor or shareholder is a

party, of the intention of both depositors or shareholders to create a

joint tenancy and to vest title to such deposit or shares, and additions

and accruals thereon, in such survivor. The burden of proof in refuting

such prima facie evidence is upon the party or parties challenging the

title of the survivor.

(c) 1. The superintendent of financial services shall promulgate and

may from time to time amend rules and regulations which require that the

joint tenants of an account established on or after the date on which

the rule or regulation becomes effective and representing any deposit or

shares governed by the foregoing provisions of this section, shall, at

the time the account is established be informed of the terms and

conditions of the account including the relationship and consequences

between the parties in the account and the responsibilities of the

institution with which the account is established.

2. This subdivision or any rule or regulation thereunder shall not be

deemed or construed as increasing or diminishing the rights or liability

of any person, or other entity.