2016 New York Laws
BNK - Banking
Article 6 - (Banking) 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 financial services, 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 financial services, 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.