(b) No banking institution shall assert, claim or exercise any right
of set off against any payments referred to in subdivision (p) of
section fifty-two hundred five of the civil practice law and rules.
2. No banking institution shall assert, claim or exercise any right of
set off against any other deposit account held by such banking
institution unless, prior to or on the same business day of such action,
notice of the set off together with the reasons for the set off are
mailed to the depositor.
3. Failure to provide the notice required by this section shall not be
deemed to affect the validity of the right of set off.
4. "Banking institution" as used in this section shall have the same
meaning as used in section nine-f of this chapter.
5. "Depositor" as used in this section shall include shareholders in
state and federal savings and loan associations and state and federal
credit unions.
6. "Deposit account" as used in this section shall include shares and
share accounts of state and federal savings and loan associations and
state and federal credit unions.
7. If any provision of this section, or the application of such
provision to any bank, trust company, national bank, savings bank,
federal mutual savings bank, savings and loan association, federal
savings and loan association, credit union, federal credit union or
branch of a foreign banking corporation, shall be held invalid, the
remainder of this section, and the application of such section to banks,
trust companies, national banks, savings banks, federal mutual savings
banks, savings and loan associations, federal savings and loan
associations, credit unions, federal credit unions or branches of
foreign banking corporations other than those to which it is held
invalid, shall not be affected thereby.
Structure New York Laws
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
2-A - Limited Liability Investment Company; Definitions.
2-B - Limited Liability Trust Companies; Definitions.
4-C - Exemptions From Certain Provisions of Chapter.
5 - Loans Pursuant to the "Servicemen's Readjustment Act of 1944."
6-C - Application Forms to Be Made Available; Certain Cases.
6-D - Requirement to State in Writing Reason for Denial of Mortgage Loan.
6-E - Graduated Payment Mortgages Authorized.
6-G - Override of Certain Provisions of United States Public Law 97-320.
6-H - Reverse Mortgage Loans Authorized.
6-K - Real Property Insurance Escrow Accounts.
6-N - Responsibility of Banks for Mortgages Being Processed for Modification.
6-O - Single Point of Contact for Modifying Delinquent Home Loans.
6-O*2 - Reverse Cooperative Apartment Unit Loans for Persons Sixty-Two Years of Age or Older.
6-P - Loan Counseling for Mortgages Guaranteed by the Servicemen's Readjustment Act of 1944.
9-B - Actions or Special Proceedings by Superintendent or Attorney-General.
9-C - Superintendent's or Attorney-General's Action for Judicial Dissolution.
9-D - Enforcement of Section Two Hundred Ninety-Six-a of the Executive Law.
9-F - Geographic Discrimination in Making Mortgage Loans Prohibited.
9-H - Imposition of Service Charges Prohibited.
9-I - Close-Out Fees Prohibited in Certain Cases.
9-I*2 - Prohibition on Depositor of Early Withdrawal Penalty in Certain Cases.
9-J - Disposal of Records; Customer Accounts.
9-K - Sale of Education Loans.
9-N - Trust Accounts; Address of Beneficiary.
9-O - Mortgage Loans; Disclosure Form.
9-P - Acceptance of Certain Checks for Deposit.
9-R - Geographic Restrictions.
9-S - Preauthorized Electronic Fund Transfers.
9-T - Unsolicited Mail-Loan Checks.
9-U - Atm Transactions by Persons Using Foreign Bank Accounts.
9-V - Savings Promotion Prize Giveaway.
9-W - Standard Financial Aide Award Letter.
9-X*2 - Fees Based on Inactivity; Notification.
9-Y - Banking Institutions to Pay Checks Drawn Therein in Order of Presentation.