§ 677. Decedents' accounts, withdrawals by authorized persons.
201 words·~1 min read·
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§ 677. Decedents' accounts, withdrawals by authorized persons. 1. The
maximum withdrawal permissible by law for purposes of this section shall
be the amount permitted to be paid, without the consent of the
commissioner of taxation and finance, under rules or regulations
promulgated by such commissioner pursuant to section one hundred
seventy-one of the tax law.
3. Notwithstanding the foregoing, no banking organization or foreign
banking corporation shall be required to make any payment pursuant to
this section if
(a)it has notice of an adverse claim with respect to
any such savings or time deposits or shares standing on its books to the
credit of the decedent, or
(b)there is in effect an order, injunction
or other appropriate process of a court of competent jurisdiction
restraining such payment, or
(c)it has notice that such payment would
violate the terms of a legal and valid trust, or
(d)such payment is
inconsistent with any federal laws or regulations.
4. Such payments as any banking organization or foreign banking
corporation is required to make pursuant to this section shall be a
valid and sufficient release and discharge to such banking organization
or foreign banking corporation for any payment so made.