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2014 New York Laws
EPT - Estates, Powers & Trusts
Article 7 - TRUSTS
Part 5 - (7-5.1 - 7-5.8) BANK ACCOUNTS IN TRUST FORM
7-5.4 - Effect of payment

NY Est Pow & Trusts L § 7-5.4 (2014) What's This?
7-5.4 Effect of payment

A financial institution which, upon the death of a depositor and prior
  to  service  upon  it  of  a  restraining  order,  injunction  or  other
  appropriate process from a court of competent  jurisdiction  prohibiting
  payment,  makes  payment to a beneficiary or if the beneficiary is under
  eighteen years of age, to the guardian of the property or to the  parent
  or  parents  of the infant beneficiary pursuant to section 7-5.3, shall,
  to the extent of such payment, be released from liability to any  person
  claiming  a  right  to  the  funds and the receipt or acquittance of the
  person to whom payment is made shall be a valid and  sufficient  release
  and discharge of the financial institution.

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