N.Y. Banking Law 9-N – Trust accounts; address of beneficiary
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§ 9-n. Trust accounts; address of beneficiary. 1. Every banking institution, which for the purposes of this section means a bank, trust company, savings bank, savings and loan association, licensed foreign bank or credit union, which shall hold accounts by depositors in such depositor's own name and, further, in trust for a third party beneficiary or beneficiaries, shall make a written record of the address of any such beneficiary or beneficiaries at the time a trust account is established.
Terms Used In N.Y. Banking Law 9-N
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
2. The superintendent shall enforce the provisions of this section by appropriate rules, regulations and orders.