New York Laws
Article 5 - Foreign Banking Corporations and National Banks
202-H - Repayment of Deposits Standing in the Names of Minors, Trustees, Joint Depositors or Custodians; Interpleader in Certain Actions.

(b) The funds on deposit which are the subject of such an action may
remain with such foreign banking corporation 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 foreign
banking corporation 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 foreign banking corporation 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 foreign banking corporation to
recover deposits shall be in the discretion of the court, and may be
charged upon the fund affected by the action.
5. 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 with a branch in this state of a foreign
banking corporation 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.