2010 New York Code
BNK - Banking
Article 6 - (229 - 260-B) SAVINGS BANKS
237 - Deposits with savings banks; restrictions.

§ 237.  Deposits  with savings banks; restrictions. 1. No savings bank
  shall accept any deposit for  credit  to  any  executor,  administrator,
  trustee,  committee,  conservator  or  guardian,  named  in  a  will  or
  appointed by a court of competent jurisdiction, unless a certified  copy
  of  the  will, order or decree of the court authorizing such deposits or
  appointing such executor, administrator, trustee, committee, conservator
  or guardian, or a certificate of such  appointment  is  filed  with  the
  savings bank.
    2.  No  savings  bank  shall  accept  any  deposit  for  credit to any
  municipal corporation.
    3. A savings bank may limit the aggregate amount which it will receive
  on deposit; may, in its discretion, refuse to accept a deposit; and  may
  at  any  time return all or any part of any deposit other than a deposit
  held pursuant to subdivision one-a of section two hundred thirty-four of
  this chapter.
    4. Notwithstanding any inconsistent provision of law, a  savings  bank
  may  accept  deposits  of  moneys  paid  under  and  as security for the
  performance of any lease or leases, or to be applied to  payments  under
  such  lease  or  leases  when  due,  although the person depositing such
  moneys is held accountable therefor as a trustee of trust funds.  Moneys
  received from or held for persons under  more  than  one  lease  may  be
  deposited in one or more accounts.
    Notwithstanding  any  inconsistent provision of law, the word "person"
  as used in this subdivision four shall include an individual,  municipal
  corporation,   partnership,   corporation,   association  or  any  other
  organization operated for profit.
    5. Nothing contained in this section shall require a savings  bank  to
  return  any  deposit  lawfully  held  by  it  at the time this act takes
  effect.
    6. Nothing contained in this section  or  in  this  chapter  shall  be
  construed to prevent a savings bank from accepting a deposit or deposits
  in any amount in any account in the name of or to the credit of any bona
  fide charitable or religious association, corporation or organization.
    7.  Subject  to  any  regulations  and  restrictions prescribed by the
  superintendent of banks, a savings bank  shall  have  power  to  act  as
  trustee  under  a retirement plan established pursuant to the provisions
  of  the  act  of  congress  entitled  "Self-employed   Individuals   Tax
  Retirement  Act  of  1962",  and  provisions of law contained therein as
  amended, provided that the provisions of such  retirement  plan  require
  the  funds  of  such  trust  to  be  invested exclusively in deposits in
  savings banks. In the event that any such retirement plan which, in  the
  judgment  of  the  savings  bank, constituted a qualified plan under the
  provisions of said Self-employed Individuals Tax Retirement Act of 1962,
  and provisions of law contained therein as amended, and the  regulations
  promulgated  thereunder  at  the  time  the  trust  was  established and
  accepted by the savings bank is subsequently determined not to be such a
  qualified plan or subsequently ceases to be such a  qualified  plan,  in
  whole or in part, the savings bank may, nevertheless, continue to act as
  trustee  of any deposits theretofore made under such plan and to dispose
  of the same in accordance with the directions of the depositor  and  the
  beneficiaries  thereof.  No  savings  bank,  in respect to deposits made
  under this subdivision, shall be bound by any provision of this  chapter
  restricting  or limiting the amount of deposits which a savings bank may
  accept, or be required to segregate such deposits from other deposits of
  such savings banks, provided, however, that a savings  bank  shall  keep
  appropriate records showing in proper detail all transactions engaged in
  under the authority of this subdivision.

8.  Subject  to  any  regulations  and  restrictions prescribed by the
  superintendent of banks, a savings bank  shall  have  power  to  act  as
  trustee  of an individual retirement account established pursuant to the
  provisions of the act of congress entitled "Employee  Retirement  Income
  Security  Act  of  1974",  provided  that  the provisions of the written
  governing instrument creating the trust require the funds of such  trust
  to  be  invested exclusively in deposits in savings banks.  In the event
  that any such individual retirement account, which in  the  judgment  of
  the  savings bank, constituted a qualified individual retirement account
  under the provisions of said Employee Retirement Income Security Act  of
  1974  and  the  regulations promulgated thereunder at the time the trust
  was established  and  accepted  by  the  savings  bank  is  subsequently
  determined  not  to be such a qualified individual retirement account or
  subsequently  ceases  to  be  such  a  qualified  individual  retirement
  account,  in  whole  or  in  part,  the  savings bank may, nevertheless,
  continue to act as trustee of any deposits theretofore made  under  such
  individual  retirement  account and to dispose of the same in accordance
  with the directions of the depositor and the beneficiaries  thereof.  No
  savings  bank, in respect to deposits made under this subdivision, shall
  be bound by any provision of this chapter restricting  or  limiting  the
  amount  of  deposits  which a savings bank may accept, or be required to
  segregate such deposits from  other  deposits  of  such  savings  banks,
  provided,  however,  that  a savings bank shall keep appropriate records
  showing in proper detail all transactions engaged in under the authority
  of this subdivision.