2015 New York Laws
STF - State Finance
Article 15 - (State Finance) EXCELSIOR LINKED DEPOSIT ACT
221 - Liability; early repayment and withdrawal.

 221. Liability; early repayment and withdrawal. Nothing contained in
  this  article  shall  impose  liability  on  the  state  or  any  of its
  departments or employees  for  payment  or  delays  in  payment  of  the
  principal  or  interest  of  a linked loan. Any delay in payments or any
  default on a linked loan shall in  no  way  affect  the  linked  deposit
  agreement  between  the lender and the authorized depositor. However, in
  the event the interest rate of the linked loan shall be increased  as  a
  consequence  of  default  or renegotiation, or the loan shall be charged
  off, the lender shall give the authorized  depositor  prompt  notice  of
  such  event,  and the authorized depositor shall thereafter withdraw the
  linked deposit upon not less than seven days' prior  written  notice  to
  the  lender.  Upon  early  repayment  of a linked loan, the lender shall
  within thirty days give the authorized depositor notice  of  such  early
  repayment,  and  the  authorized depositor shall thereafter withdraw the
  linked deposit upon not less than seven days' prior  written  notice  to
  the lender, and the interest rate payable on the linked deposit from the
  date  of early repayment of the linked loan to the date of withdrawal of
  the linked deposit shall be the interest  rate  upon  which  the  linked
  deposit  interest  rate  was calculated without regard to the applicable
  basis point reduction.