Title BNK, Banking

§ 680-h. When creditor process enforceable against bank. 1. Subject to\nsubdivision two of this section, creditor process with respect to a\nspecial deposit is not enforceable against the bank holding the special\ndeposit.\n 2. Creditor process is enforceable against the bank ho…

§ 680-i. Injunction or similar relief. A court may enjoin, or grant\nsimilar relief that would have the effect of enjoining, a bank from\npaying a depositor or beneficiary only if payment would constitute a\nmaterial fraud or facilitate a material fraud with respect to a special…

§ 680-j. Recoupment or set off. 1. Except as provided in subdivision\ntwo or three of this section, a bank shall not exercise a right of\nrecoupment or set off against a special deposit.\n 2. An account agreement may authorize the bank to debit the special\ndeposit:\n (a) when t…

§ 680-k. Duties and liability of bank. 1. A bank does not have a\nfiduciary duty to any person with respect to a special deposit.\n 2. When the bank holding a special deposit becomes obligated to pay a\nbeneficiary, a debtor-creditor relationship arises between the bank and\nben…

§ 680-l. Term and termination. 1. Unless otherwise provided in the\naccount agreement, a special deposit terminates five years after the\ndate the special deposit was first funded.\n 2. Unless otherwise provided in the account agreement, if the bank\ncannot identify or locate a …

§ 680-m. Principles of law and equity. The uniform commercial code,\narticle twenty-two-A of the general business law, the provisions of this\nchapter governing deposits generally, the abandoned property law, and\nthe principles of law and equity, including any applicable law re…

§ 680-n. Uniformity of application and construction. In applying and\nconstruing the provisions of this uniform special deposits act, a court\nshall consider the promotion of uniformity of the law among\njurisdictions that enact it.\n

§ 680-o. Transitional provision. This article applies to:\n 1. a special deposit made under an account agreement executed on or\nafter the effective date of this article; and\n 2. a deposit made under an agreement executed before the effective\ndate of this article, if:\n (a) al…

§ 680-p. Severability. If any word, phrase, clause, sentence,\nparagraph, section or part of this article shall be adjudged by any\ncourt of competent jurisdiction to be invalid, such judgment shall not\naffect, impair or invalidate the remainder thereof, but shall be\nconfined …

§ 7. Payment of dividends or interest upon unclaimed deposits or\nshares; limitation of charges in connection with savings accounts. 1. No\nbanking organization or foreign banking corporation transacting business\nin this state shall discontinue the payment of dividends or inter…

§ 700. Laws repealed. Of the laws enumerated in the schedule hereto\nannexed, that portion specified in the last column is hereby repealed.\n

§ 7001. Board of directors; qualifications and disqualifications. 1.\nThe affairs of every corporation shall be managed by a board of\ndirectors, each of whom shall be at least eighteen years of age.\n 2. (a) At least one-half of the directors of a bank or trust company,\nstock-…

§ 7002. Number of directors; definition of "entire board". 1. (a) The\nnumber of directors constituting the entire board of every bank and\ntrust company, stock-form savings bank, and stock-form savings and loan\nassociation shall be not less than five nor more than fifteen, exc…

§ 7003. Election and tenure of directors. 1. At each annual meeting of\nstockholders of a corporation, the stockholders shall elect directors to\nhold office until the next annual meeting except as authorized by\nsection seven thousand four of this article. The organization\ncer…

§ 7004. Classification of directors. 1. The board of directors of any\nbank or trust company, stock-form savings bank, or stock-form savings\nand loan association may be classified into three classes as nearly\nequal as may be, with the terms of office of one class expiring each…

§ 7005. Vacancies and newly created directorships. 1. In the case of\nbanks and trust companies, stock-form savings banks, and stock-form\nsavings and loan associations:\n (a) The persons named in the organization certificate as the first\nboard may elect such additional number …

§ 7006. Removal of directors. 1. Any or all of the directors may be\nremoved for cause by vote of the stockholders. The organization\ncertificate or the specific provisions of a by-law adopted by the\nstockholders may provide for such removal by action of the board, except\nin t…

§ 7007. Quorum of directors. 1. Subject to subdivision two of this\nsection, unless a greater proportion is required by the organization\ncertificate, a majority of the entire board shall constitute a quorum\nfor the transaction of business or of any specified item of business,\…

§ 7008. Action by the board. 1. Any reference in this chapter to\ncorporate action to be taken by the board, other than the approval\nrequired by section five hundred eleven of this chapter, shall mean such\naction at a meeting of the board. Except as otherwise provided in this\…

§ 7009. Greater requirement as to quorum and vote of directors.\nSubject to subdivision two of section seven thousand seven with respect\nto banks and trust companies, stock-form savings banks, and stock-form\nsavings and loan associations:\n 1. The organization certificate may …

§ 701. Construction. The provisions of this chapter shall be construed\nas a continuation of the provisions of chapter ten of the laws of\nnineteen hundred nine, as amended, modified or amended according to the\nlanguage employed, and not as a new enactment.\n

§ 7010. Place and time of meetings of the board. 1. Meetings, regular\nor special, of the board may be held at any place within or without this\nstate, unless otherwise provided by the organization certificate or the\nby-laws.\n 2. The board of every bank and trust company, stoc…

§ 7011. Notice of board meetings; waiver; adjournment. 1. Unless\notherwise provided by the by-laws, regular meetings of the board may be\nheld without notice if the time and place of such meetings are fixed by\nthe by-laws or the board. Special meetings of the board shall be he…

§ 7012. Executive committee and other committees. 1. If the\norganization certificate or the by-laws so provide, the board, by\nresolution adopted by a majority of the entire board, may designate from\namong its members an executive committee consisting of at least five\ndirecto…

§ 7013. Officers. 1. The board of every corporation, at the annual\nmeeting of such board following each annual meeting of stockholders,\nshall elect a president (who, in the case of a bank or trust company,\nstock-form savings bank, or stock-form savings and loan association,\n…

§ 7014. Removal of officers. 1. Any officer elected or appointed by\nthe board may be removed by the board, or his authority suspended by it,\nwith or without cause. Such removal or suspension without cause,\nhowever, shall be without prejudice to his contract rights. The electi…

§ 7015. Duty of directors and officers; oath of directors. 1.\nDirectors and officers shall discharge the duties of their respective\npositions in good faith and with that degree of diligence, care and\nskill which ordinarily prudent men would exercise under similar\ncircumstanc…

§ 7016. Liability of directors in certain cases. 1. Directors of a\ncorporation, who vote for or concur in the declaration of any dividend\nor other distribution to stockholders which impairs its capital stock or\nwhile its capital stock is impaired, impairs any surplus fund or …

§ 7017. Actions against directors and officers for misconduct. 1. An\naction may be brought against one or more directors or officers of a\ncorporation to procure a judgment for the following relief:\n (a) To compel the defendant to account for his official conduct in the\nfollo…

§ 7018. Nonexclusivity of statutory provisions for indemnification of\ndirectors and officers. The indemnification and advancement of expenses\ngranted pursuant to, or provided by, this article shall not be deemed\nexclusive of any other rights to which a director or officer see…

§ 7019. Authorization for indemnification of directors and officers.\n1. A corporation may indemnify any person, made, or threatened to be\nmade, a party to an action or proceeding (other than one by or in the\nright of the corporation to procure a judgment in its favor), whethe…

§ 702. When to take effect. This act, except the repeal of chapters\nthree hundred forty-eight of the laws of nineteen hundred ten and three\nhundred ninety-three of the laws of nineteen hundred eleven, shall take\neffect immediately; and the repeal of chapters three hundred for…

§ 7020. Payment of indemnification other than by court award. 1. A\nperson who has been successful, on the merits or otherwise, in the\ndefense of a civil or criminal action or proceeding of the character\ndescribed in section seven thousand nineteen shall be entitled to\nindemn…

§ 7021. Indemnification of directors and officers by a court. 1.\nNotwithstanding the failure of a corporation to provide indemnification,\nand despite any contrary resolution of the board of directors or of the\nstockholders in the specific case under section seven thousand twe…

§ 7022. Other provisions affecting indemnification of directors and\nofficers. 1. All expenses incurred in defending a civil or criminal\naction or proceeding which are advanced by the corporation under\nsubdivision three of section seven thousand twenty or allowed by a court\nu…

§ 7023. Insurance for idemnification of directors and officers. (a)\nSubject to subdivision (b), a corporation shall have power to purchase\nand maintain insurance:\n (1) To indemnify the corporation for any obligation which it incurs as\na result of the indemnification of direc…

§ 710. Definitions. 1. "Applicant" shall mean any person applying for\na license under this article.\n 2. "Borrower" shall mean any resident of this state who has received a\nstudent loan or agreed in writing to pay a student loan or any person\nwho shares a legal obligation wit…

§ 711. Licensing. 1. Except as provided in subdivisions two, three,\nand four of this section, no person shall engage in the business of\nservicing student loans owed by one or more borrowers residing in this\nstate without first being licensed by the superintendent as a student…

§ 712. Application for a student loan servicer license; fees. 1. The\napplication for a license to engage in the business of servicing student\nloans shall be in writing, under oath, and in the form prescribed by the\nsuperintendent. Notwithstanding article three of the state te…

§ 713. Application process to receive license to engage in the\nbusiness of student loan servicing. 1. Upon the filing of an application\nfor a license, if the superintendent shall find that the financial\nresponsibility, experience, character, and general fitness of the\napplic…

§ 714. Changes in officers and directors. Upon any change of any of\nthe executive officers, directors, partners or members of any student\nloan servicer required to be licensed under section seven hundred eleven\nof this article, the student loan servicer shall submit to the\ns…

§ 715. Changes in control. 1. It shall be unlawful except with the\nprior approval of the superintendent for any action to be taken which\nresults in a change of control of the business of a student loan\nservicer required to be licensed under section seven hundred eleven of\nth…

§ 716. Grounds for suspension or revocation of license. 1. After\nnotice and hearing, the superintendent may revoke or suspend any license\nto engage in the business of a student loan servicer issued pursuant to\nthis article if he or she shall find that:\n (a) a servicer has vi…

§ 717. Books and records; reports and electronic filing. 1. Each\nstudent loan servicer shall keep and use in its business such books,\naccounts and records as will enable the superintendent to determine\nwhether such servicer or exempt organization is complying with the\nprovis…

§ 718. Rules and Regulations. 1. In addition to such powers as may\notherwise be prescribed by law, the superintendent is hereby authorized\nand empowered to promulgate such rules and regulations as may in the\njudgement of the superintendent be consistent with the purposes of t…

§ 719. Prohibited practices. No student loan servicer shall:\n 1. Employ any scheme, device or artifice to defraud or mislead a\nborrower;\n 2. Engage in any unfair, deceptive or predatory act or practice toward\nany person or misrepresent or omit any material information in\nco…

§ 720. Servicing student loans without a license. 1. Whenever, in the\nopinion of the superintendent, a person is engaged in the business of\nservicing student loans, either actually or through subterfuge, without\na license from the superintendent, the superintendent may order …

§ 721. Responsibilities. 1. If a student loan servicer regularly\nreports information to a consumer reporting agency, the servicer shall\naccurately report a borrower's payment performance to at least one\nconsumer reporting agency that compiles and maintains files on consumers\…

§ 722. Examinations. 1. The superintendent may at any time, and as\noften as he or she may determine, either personally or by a person duly\ndesignated by the superintendent, investigate the business and examine\nthe books, accounts, records, and files used therein of every stud…

§ 723. Penalties for violation of this article. 1. In addition to such\npenalties as may otherwise be applicable by law, including but not\nlimited to the penalties available under section forty-four of this\nchapter, the superintendent may, after notice and hearing, require any…