New York Estates, Powers & Trusts Law Part 5 - BANK ACCOUNTS IN TRUST FORM

• 7-5.1 - Definitions
  7-5.1 Definitions (a) A "beneficiary" is a person who is described by a depositor as a person for whom a trust account is established or...
• 7-5.2 - Terms of a Trust Account
  7-5.2 Terms of a trust account The funds in a trust account, which shall include any dividends or interest thereon, shall be trust funds subject...
• 7-5.3 - Payment to Beneficiary
  7-5.3 Payment to beneficiary (a) If the beneficiary survives the depositor under the circumstances provided in paragraph four of section 7-5.2, the funds shall be...
• 7-5.4 - Effect of Payment
  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...
• 7-5.5 - Rights Not Affected
  7-5.5 Rights not affected This part does not affect: (1) The rights of creditors of the depositor or his estate, (2) The rights of fiduciaries...
• 7-5.6 - Joint Depositors
  7-5.6 Joint depositors If a trust account is established in the names of more than one depositor, in form to be paid or delivered to...
• 7-5.7 - Multiple Beneficiaries.
  7-5.7 Multiple beneficiaries (a) Whenever any proceeds of a trust account would pass pursuant to section 7-5.2 to two or more beneficiaries, such proceeds shall...
• 7-5.8
  Application This part shall apply to all funds in trust accounts, as defined in paragraph (d) of section 7-5.1, which are in existence on its...

Last modified: February 3, 2019