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Senate committee reports out measure creating 'special deposit' protections for accounts
Summary
The New York State Senate Banking Committee reported out S.4323, which would add the Uniform Special Deposits Act to the banking law to create legal protections for certain accounts; staff said interest would remain with the originating account and the change is intended to protect deposit distribution in legal proceedings.
The New York State Senate Banking Committee on Tuesday reported out S.4323, a bill to amend the banking law to enact the Uniform Special Deposits Act. Senator James Sanders Jr., chair of the committee, called for and took a motion to move the bill forward; the committee voted and the bill was reported out.
The measure seeks to create a statutory category called a "special deposit"…
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