New York Laws
Article 10 - Savings and Loan Associations
378-A - Time Deposits.

(b) The time deposit which is the subject of such an action may remain
with such association 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 association 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 association 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 an association to recover
deposits shall be in the discretion of the court, and may be charged
upon the fund affected by the action.
7. Subject to any regulations and restrictions prescribed by the
superintendent of financial services, a savings and loan association may
accept time deposit without the issuance of a passbook in connection
therewith, and may issue such other evidences of its obligation to repay
such time deposits as may be appropriate to safeguard the interests of
the depositors and of the savings and loan association.

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