2006 New York Code - Right Of Set Off.

 
    § 9-g. Right of set off. 1. No banking institution shall assert, claim
  or  exercise any right of set off against any deposit account into which
  social security or supplemental security income payments  are  deposited
  pursuant  to  an  agreement with such banking institution which provides
  that such payments be  deposited  directly  into  such  deposit  account
  without presentation to the depositor at the time of deposit.
    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.