New York Laws
Article 3 - Banks and Trust Companies
134 - Repayment of Deposits Standing in the Names of Minors, Trustees or Joint Depositors; Repayment Where Adverse Claim Is Asserted; Interpleader in Certai

(b) The funds on deposit which are the subject of such an action may
remain with such bank or trust company to the credit of the action until
final judgment therein, and be entitled to the same interest as other
deposits of the same class, and shall be paid by such bank or trust
company in accordance with the final judgment of the court; or the
deposit in controversy may be paid into court to await the final
determination of the action, and when the deposit is so paid into court
such bank or trust company shall be struck out as a party to the action,
and its liability for such deposit shall cease.
(c) The costs in all actions against a bank or trust company to
recover deposits shall be in the discretion of the court, and may be
charged upon the fund affected by the action.
7. (a) A bank or trust company need not recognize or give any effect
to (1) any claim to a deposit of cash, securities, or other property
standing on its books to the credit of, or held by it for the account
of, any corporation, firm or association in occupied territory or (2)
any advice, statute, rule or regulation purporting to cancel or to give
notice of the cancellation of the authority of any person at the time
appearing on the books of such bank or trust company as authorized to
withdraw or otherwise dispose of cash, securities, or other property of
such corporation, firm or association, unless such bank or trust company
is required so to do by appropriate process procured against it in a
court of competent jurisdiction in the United States in a cause therein
instituted by or in the name of such corporation, firm or association,
or unless the person making such claim or giving such advice or invoking
such statute, rule or regulation, as the case may be, shall execute to
such bank or trust company, in form and with sureties acceptable to it,
a bond indemnifying it from any and all liability, loss, damage, costs
and expenses for and on account of recognizing or giving any effect to
such claim, advice, statute, rule or regulation.
(b) For the purposes of this subdivision (1) the term "occupied
territory" shall mean territory occupied by a dominant authority
asserting governmental, military or police powers of any kind in such
territory, but not recognized by the United States as the de jure
government of such territory, and (2) the term "corporation, firm or
association in occupied territory" shall mean a corporation, firm or
association which has, or at any time has had, a place of business in
territory which has at any time been occupied territory.
(c) The foregoing provisions of this subdivision shall be effective
only in cases where (1) such claim or advice purports or appears to have
been sent from or is reasonably believed to have been sent pursuant to
orders originating in, such occupied territory during the period of
occupation, or (2) such statute, rule or regulation appears to have
emanated from such dominant authority and purports to be or to have been
in force in such occupied territory during the period of occupation.
(d) The foregoing provisions of this subdivision shall apply to
claims, advices, statutes, rules or regulations made, given or invoked
either prior to, or on or subsequent to the effective date of this act.
9. Deposits by custodian for a minor under part six of article seven
of the estates, powers and trusts law. When any deposit of cash or
securities shall be made by a person purporting to act as custodian for
a minor under part six of article seven of the estates, powers and
trusts law or under a similar law of another state, the deposit together

with any interest or dividends credited thereon may be paid or delivered
to or upon the order of such person, or his successor as custodian, or
to a minor upon the minor's attaining either eighteen years or
twenty-one years, as provided in accordance with part six of article
seven of the estates, powers and trusts law, if no custodian is acting
at the time of such payment or delivery, and any receipt or order of
such person, successor or minor shall be valid and sufficient release
and discharge of the depositary for any payment or delivery so made. No
depositary dealing with a person purporting to act as a custodian for a
minor under said article shall be bound to inquire into any facts
bearing upon the designation of such person as such custodian or the
propriety of or authority for any act of such person under said article
or otherwise or the age of the person designated as a minor. No
depositary shall be liable for any act performed pursuant to the
instruction or direction of any person purporting to act as custodian
under said article unless the depositary has actual knowledge that such
act, or the instruction or direction therefor, constitutes a breach of
such person's obligations as such custodian, or unless the depositary
performs such act with knowledge of such facts that acting pursuant to
such instruction or direction amounts to bad faith.

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