N.Y. Banking Law § 680-l: Term and termination

§ 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.