Title BNK, Banking

§ 1. Short title. This chapter, together with amendments thereof,\nshall be known as the "banking law", and shall be applicable to all\ncorporations, partnerships and individuals defined in the next section\nand to such other corporations, unincorporated associations,\npartnersh…

§ 10. Declaration of policy. It is hereby declared to be the policy of\nthe state of New York that the business of all banking organizations\nshall be supervised and regulated through the department of financial\nservices in such manner as to insure the safe and sound conduct of…

§ 100. Fiduciary powers. Every trust company shall have, subject to\nthe restrictions and limitations contained in this chapter, the\nfollowing powers:\n 1. To act as the fiscal or transfer agent of the United States, any\nstate, municipality, body politic or corporation; and in…

§ 100-a. Fiduciary capacities; appointment by court authorized; bond;\noath; accounting. 1. Executor. When any trust company is appointed\nexecutor in any last will and testament, the court or officer authorized\nto grant letters testamentary in this state, shall, upon the prope…

§ 100-b. Investments as fiduciary; when interest is to be paid;\npreference. 1. Investments. All investments of money received by any\ntrust company as executor, administrator, guardian, trustee of a trust\nof any kind, receiver, committee, conservator or depositary, shall be at…

§ 100-c. Common trust funds. 1. For the purpose of investment and\nreinvestment of moneys received and held by any trust company as\nexecutor, administrator, guardian, trustee, donee of power during\nminority to manage property vested in an infant, custodian under any\nUniform G…

§ 100-d. Foreign common trust funds. Any banking corporation or trust\ncompany incorporated under the laws of another state which is qualified\nto act as executor or testamentary trustee in this state pursuant to\nsubdivision three of section one hundred thirty-one of the bankin…

§ 1001. Definitions. In this article, unless the context otherwise\nrequires:\n 1. "Corporation" means and includes all banks, trust companies, safe\ndeposit companies, investment companies, mutual trust investment\ncompanies, and, to the extent not provided otherwise under any\…

§ 1002. Application. 1. This article applies to every corporation and,\nto the extent herein provided, to every foreign corporation, and shall\nnot apply to any other banking organization, except to such extent, if\nany, as may be specified in any article of this chapter governi…

§ 1003. Certificates; requirements, signing, filing, effectiveness. 1.\nEvery certificate or other instrument relating to a corporation or\nforeign corporation which is delivered to the superintendent for filing\nunder this chapter shall be in the English language, except that t…

§ 1004. Certificates; corrections. Any certificate or other instrument\nrelating to a corporation or foreign corporation filed by the\nsuperintendent under this chapter may be corrected with respect to any\ninformality or error apparent on the face or defect in the execution\nth…

§ 1005. Certificates as evidence. 1. Any certificate or other\ninstrument filed by the superintendent relating to a corporation or a\nforeign corporation and containing statements of fact required or\npermitted by law to be contained therein, shall be received in all\ncourts, pu…

§ 1006. Corporate seal as evidence. The presence of the corporate seal\non a written instrument purporting to be executed by authority of a\ncorporation or a foreign corporation shall be prima facie evidence that\nthe instrument was so executed.\n

§ 1007. When notice or lapse of time unnecessary; notices dispensed\nwith when delivery is prohibited. 1. Whenever, under this article or the\norganization certificate or by-laws of any corporation or by the terms\nof any agreement or instrument, a corporation or the board or an…

§ 1008. Effect of invalidity of part of article; severability. If any\nprovision of this article or application thereof to any person or\ncircumstances is held invalid, such invalidity shall not affect other\nprovisions or applications of this article which can be given effect\n…

§ 101. Additional powers of certain trust companies. Every trust\ncompany which at the time this act takes effect lawfully possesses and\nexercises the power, for hire, to examine titles to real estate, to\nprocure and furnish information in relation thereto, and to guarantee or…

§ 102. Powers of specially chartered trust companies. Every trust\ncompany incorporated by a special law shall possess the powers of trust\ncompanies incorporated under this chapter and shall be subject to such\nprovisions of this chapter as are not inconsistent with the special…

§ 102-a. Limited liability trust companies. 1. Trust companies which\n(a) do not receive deposits from the general public and (b) have been\nexempted by the superintendent of financial services from the\nrequirements of section thirty-two of this chapter, may be formed and\noper…

§ 103.* Restrictions on loans, purchases of securities and total\nliabilities to bank or trust company of any one person.\n * NB Effective until notification of the superintendent of financial\nservices\n * Restrictions on loans, purchases of securities, total liabilities\nand o…

§ 104. Entries in books; restrictions; amortization of securities. 1.\nNo bank or trust company shall by any system of accounting or any device\nof bookkeeping, directly or indirectly enter any of its assets upon its\nbooks in the name of any individual, partnership, unincorpora…

§ 105. Branch offices; prohibition against doing business at\nunauthorized places. 1. (a) No bank or trust company or officer,\ndirector, agent or employee thereof, shall transact any part of its\nusual business of banking at any place other than its principal office,\nexcept th…

§ 105-a. Electronic facilities. A bank or trust company may conduct a\nbanking business, at automated teller machines, point-of-sale terminals,\nand similar facilities subject to regulations which may be promulgated\nby the superintendent of financial services. Such facilities s…

§ 105-b. Trust offices. 1. A trust company may establish or acquire\nand maintain one or more trust offices anywhere in this state, or\noutside the state of New York, either in the United States or in foreign\ncountries.\n 2. A trust company seeking to establish or acquire and m…

§ 106. Deposits by banks and trust companies with other banking\ncorporations and private bankers; restrictions. 1. No bank or trust\ncompany shall deposit any of its funds with any other foreign or\ndomestic banking corporation or private banker in an amount exceeding\none hund…

§ 107. Reserves against deposits. 1. Every bank and trust company\nshall maintain total reserves against its demand and time deposits in\nsuch ratios as the superintendent of financial services shall by\nregulation impose. If the principal office or any branch of such bank or\nt…

§ 107-a. Security for public deposits. 1. As used in this section, the\nfollowing terms shall have the following meanings:\n (a) "Public depositary". A bank, trust company or other depositary,\nwhether state or federally chartered, authorized to accept and hold\ndeposits of publ…

§ 108. Rates of interest; installment obligations; personal loan\ndepartments. 1. Except as otherwise provided in this section, no bank or\ntrust company shall take, receive, reserve or charge on any loan or\ndiscount made, or upon any note, bill of exchange or other evidence of…

§ 108-a. Acceptance of United States currency. No bank or trust\ncompany shall impose a fee, commission or service charge for accepting\nfor deposit or exchanging for other United States currency any United\nStates currency provided that any coins are properly rolled and have th…

§ 109. Closing of books; profits; how to be computed. 1. Every bank\nand every trust company shall close its books not less frequently than\nannually for the purpose of transferring its net profits to the\nundivided profits and surplus fund accounts.\n 2. To determine the amount…

§ 11. Department of financial services; official documents;\ndestruction of documents; official communications. 1. The department\nshall be charged with the execution of the laws relating to the\nindividuals, partnerships, corporations and other entities to which this\nchapter i…

§ 110. Surplus fund; of what composed, and for what purposes used.\nEvery bank and every trust company shall create a fund to be known as a\nsurplus fund. Such fund may be created or increased by contributions, by\ntransfers from undivided profits, or from net profits. Such fund…

§ 111. Profits; credits to surplus fund and to undivided profits. In\nany case where the combined capital stock, surplus fund and undivided\nprofits of a bank or trust company do not equal ten per centum of its\nnet deposit liabilities, the superintendent of financial services m…

§ 112. Dividends; payable from net profits; restrictions. 1. The\ndirectors of a bank or trust company may annually, semi-annually or\nquarterly, but not more frequently unless authorized by the\nsuperintendent by regulation or otherwise, declare such dividends as\nthey deem jud…

§ 113. Change of location; change of designation of principal office.\nAny bank or trust company may make a written application to the\nsuperintendent, such application to be accompanied by an investigation\nfee as prescribed pursuant to section eighteen-a of this chapter, for\n…

§ 114. Assessment of stockholders to make good impairment of capital\nstock; sale of stock.\n Whenever the superintendent shall have made requisition upon any bank\nor trust company pursuant to the provisions of article two of this\nchapter to make good the amount of an impairme…

* § 12-a. Power of state chartered banking institutions to exercise\nthe rights of counterpart federally chartered banking institutions. 1.\nDefinitions. (a) As used in this section, "state chartered banking\ninstitution" shall mean any bank, trust company, private banker, savin…

§ 121. Reports to directors. The board of directors shall, at least\nonce in each year by resolution duly recorded in the minutes, designate\nan officer or officers whose duty it shall be to prepare and submit,\neither to each director present at each regular meeting of the boar…

§ 122. Examinations of banks and trust companies by directors;\nemployment of assistants. 1. It shall be the duty of the board of\ndirectors of every bank and every trust company once in each calendar\nyear to examine, or cause a committee of at least three of its members\nto ex…

§ 123. Reports of directors' examinations. 1. A report in writing of\nany examination made pursuant to the requirements of section one hundred\ntwenty-two of this article, shall be presented to the board of directors\nof such bank or trust company at their next regular meeting a…

§ 124. Communications from department of financial services to be\nsubmitted to directors and noted in minutes. Any officer of a bank or\ntrust company who receives from the office of the superintendent an\nofficial communication as defined in article two of this chapter shall\n…

§ 125. Reports to superintendent; penalty for failure to make. 1.\nWithin fifteen days after service upon it of the notice provided for by\nsection thirty-seven of this chapter, every bank and every trust company\nshall make a written report of its financial condition to the\nsu…

§ 128. Preservation of books and records. Every bank and every trust\ncompany shall preserve all its records of final entry, including cards\nused under the card system and deposit tickets, for a period of at least\nsix years from the date of making the same or from the date of …

§ 129. Requirement of notice on withdrawal of certain time deposits;\nnotice to superintendent. In the event that any bank or trust company\nshall elect to require that thirty or more days' notice be given before\ntime deposits payable only on presentation of a passbook may be\n…

§ 129-a. Requirement of written notification; alternative payment\nschedules. In the event that any bank or trust company shall permit a\ncustomer to establish an alternative payment schedule for an existing\nloan, the bank or trust company shall provide written notification tha…

§ 130. Restrictions on officers, directors and employees. 1. No\nofficer, director, clerk or other employee of any bank or trust company,\nand no person in any way interested or concerned in the management of\nits affairs, shall, acting on his own behalf or for any partnership o…

§ 131. Prohibitions against encroachments upon certain powers of banks\nand trust companies. 1. No person unauthorized by law shall subscribe to\nor become a member of, or be in any way interested in any association,\ninstitution or company formed or to be formed for the purpose…

§ 132. Use of sign, or words, indicating bank or trust company by\nunauthorized persons prohibited.\n No person, except a national bank, a federal reserve bank, or a\ncorporation duly authorized by the superintendent to transact business\nin this state, shall make use of any off…

§ 133. Use of banking institution name. 1. No person shall use the\nname of a banking institution when advertising, marketing or soliciting\nbusiness which is likely to induce, directly or indirectly, the purchase\nof goods or services, if the reference to such institution is:\n…

§ 134. Repayment of deposits standing in the names of minors, trustees\nor joint depositors; repayment where adverse claim is asserted;\ninterpleader in certain actions; effect of claims or advices originating\nin, and statutes, rules or regulations purporting to be in force in\…

§ 136. Change of national banking association into state bank by\nconversion or merger. 1. A national banking association may convert into\nor merge with a state bank under a state charter, provided that the\naction taken complies with federal law. Each such conversion or merger…