{"data":{"id":"us-ny/n.y.-estates-powers-trusts-law-7-5.4","jurisdiction":"us-ny","citation":"N.Y. Estates, Powers \u0026 Trusts Law § 7-5.4","heading":"Effect of payment","body":"§ 7-5.4 Effect of payment\n  A financial institution which, upon the death of a depositor and prior\nto service upon it of a restraining order, injunction or other\nappropriate process from a court of competent jurisdiction prohibiting\npayment, makes payment to a beneficiary or if the beneficiary is under\neighteen years of age, to the guardian of the property or to the parent\nor parents of the infant beneficiary pursuant to section 7-5.3, shall,\nto the extent of such payment, be released from liability to any person\nclaiming a right to the funds and the receipt or acquittance of the\nperson to whom payment is made shall be a valid and sufficient release\nand discharge of the financial institution.","path":["Estates, Powers \u0026 Trusts Law","Article 7. Trusts","Part 5. Bank Accounts In Trust Form"],"source_url":"https://legislation.nysenate.gov/api/3/laws/EPT/7-5.4","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"43512daf2742b9cf7d2d299053b07a729efb36fdc5db2b1948388750a61bccbd","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-estates-powers-trusts-law-7-5.3","next":"us-ny/n.y.-estates-powers-trusts-law-7-5.5"},"notice":"GroundRules: Original legal text. Not legal advice."}