N.Y. Banking Law § 677: Decedents' accounts, withdrawals by authorized persons

§ 677. Decedents' accounts, withdrawals by authorized persons. 1. The

maximum withdrawal permissible by law for purposes of this section shall

be the amount permitted to be paid, without the consent of the

commissioner of taxation and finance, under rules or regulations

promulgated by such commissioner pursuant to section one hundred

seventy-one of the tax law.

3. Notwithstanding the foregoing, no banking organization or foreign

banking corporation shall be required to make any payment pursuant to

this section if (a) it has notice of an adverse claim with respect to

any such savings or time deposits or shares standing on its books to the

credit of the decedent, or (b) there is in effect an order, injunction

or other appropriate process of a court of competent jurisdiction

restraining such payment, or (c) it has notice that such payment would

violate the terms of a legal and valid trust, or (d) such payment is

inconsistent with any federal laws or regulations.

4. Such payments as any banking organization or foreign banking

corporation is required to make pursuant to this section shall be a

valid and sufficient release and discharge to such banking organization

or foreign banking corporation for any payment so made.