N.Y. Banking Law 336 – Special remedies where property is deposited
§ 336. Special remedies where property is deposited. 1. Every banking organization, foreign banking corporation or national banking association authorized to receive personal property upon deposit for safe-keeping or as bailee for storage, and which shall have received any such property and shall have issued a receipt therefor, shall have the remedies of a warehouseman as to such property, and the banking organization, foreign banking corporation or national banking association shall have a lien on such deposits or the proceeds thereof to the same extent and with the same effect, and enforceable in the same manner, as is provided by article seven of the uniform commercial code.
Terms Used In N.Y. Banking Law 336
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Personal property: All property that is not real property.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
2. A banking organization, foreign banking corporation or national banking association holding personal property upon deposit for which a receipt was issued by a predecessor in interest may have the remedies provided by this section.
3. The provisions of this § of the claim of the banking organization, foreign banking corporation or national banking association against the person from whom personal property has been received upon deposit and to whom a receipt shall have been issued therefor, nor bar the right of the banking organization, foreign banking corporation or national banking association to recover the debt due it in any other lawful manner.