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NY S06949
Bill
Status
6/1/2022
Primary Sponsor
Timothy Kennedy
Click for details
AI Summary
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Establishes new Section 675-a of banking law to create joint and survivorship accounts allowing deposits in the name of two persons, payable to either during their lifetimes.
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Specifies that creating a joint account does not constitute a gift and title remains with the depositor, though additions by others are attributed to the depositor.
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Upon the depositor's death, remaining funds pass either by right of survivorship to the other person or as part of the depositor's estate based on the depositor's written designation at account establishment; absent designation, funds default to the depositor's estate.
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Requires banking superintendents to issue regulations ensuring depositors are informed of joint and survivorship account terms, conditions, and consequences between parties.
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Repeals Section 678 of banking law, renames former Section 679 to Section 678 regarding public awareness campaigns on banking services, and modifies campaign content to include information on joint and joint and survivorship accounts.
Legislative Description
Provides for joint and survivorship accounts, provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.
Last Action
referred to banks
6/1/2022