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Code · New York · Banking · Short Title; Definitions; Miscellaneous Provisions

§ 9-G. Right of set off.

359 words·~2 min read·/ny/banking/short-title-definitions-miscellaneous-provisions/9-g·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 9-g. Right of set off. 1.
(a)No banking institution shall assert,
claim or exercise any right of set off against any deposit account into
which social security or supplemental security income payments are
deposited pursuant to an agreement with such banking institution which
provides that such payments be deposited directly into such deposit
account without presentation to the depositor at the time of deposit.
(b)No banking institution shall assert, claim or exercise any right
of set off against any payments referred to in subdivision
(p)of
section fifty-two hundred five of the civil practice law and rules.
2. No banking institution shall assert, claim or exercise any right of
set off against any other deposit account held by such banking
institution unless, prior to or on the same business day of such action,
notice of the set off together with the reasons for the set off are
mailed to the depositor.
3. Failure to provide the notice required by this section shall not be
deemed to affect the validity of the right of set off.
4. "Banking institution" as used in this section shall have the same
meaning as used in section nine-f of this chapter.
5. "Depositor" as used in this section shall include shareholders in
state and federal savings and loan associations and state and federal
credit unions.
6. "Deposit account" as used in this section shall include shares and
share accounts of state and federal savings and loan associations and
state and federal credit unions.
7. If any provision of this section, or the application of such
provision to any bank, trust company, national bank, savings bank,
federal mutual savings bank, savings and loan association, federal
savings and loan association, credit union, federal credit union or
branch of a foreign banking corporation, shall be held invalid, the
remainder of this section, and the application of such section to banks,
trust companies, national banks, savings banks, federal mutual savings
banks, savings and loan associations, federal savings and loan
associations, credit unions, federal credit unions or branches of
foreign banking corporations other than those to which it is held
invalid, shall not be affected thereby.
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