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NY A08549
Bill
Status
5/20/2025
Primary Sponsor
Charles Lavine
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AI Summary
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Establishes new rules for spousal joint accounts where deposits become property of both spouses as joint tenants with right of survivorship, with the surviving spouse receiving full ownership upon death of the other
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Creates distinct provisions for non-spousal joint accounts where title to deposited property remains solely with the depositor regardless of who contributed funds
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Requires non-spousal account holders to designate at account opening whether remaining funds upon the depositor's death go to the estate (convenience account) or to the other account holder(s) (survivorship account)
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Defaults non-spousal accounts to convenience accounts (funds pass to depositor's estate) if no designation is made or the required provision is missing from account documents
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Requires the Superintendent of Financial Services to promulgate regulations ensuring account holders are informed of account terms, conditions, and consequences at the time of establishment
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Takes effect July 1, 2026, applying to accounts established on or after that date while existing accounts remain governed by prior law
Legislative Description
Enacts provisions for the establishment and administration of joint accounts and non-survivorship accounts; provides for account agreements, payments during lifetime, and liability; provides for notice, competing claims, and court orders; defines terms; makes related provisions.
Last Action
reported referred to codes
2/25/2026