N.Y. Estates, Powers & Trusts Law § 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.