202-H - Repayment of deposits standing in the names of minors, trustees, joint depositors or custodians; interpleader in certain actions.

§  202-h.  Repayment  of  deposits  standing  in  the names of minors,  trustees,  joint  depositors  or  custodians;  interpleader  in  certain  actions.  1.  Any minor may endorse a check payable to his order for the  purpose of depositing the proceeds in a  deposit  in  his  name  with  a  branch  in  this  state  of  a  foreign banking corporation and when any  deposit shall be made by or in the name of any minor, the same shall  be  held  for  the  exclusive right and benefit of such minor, and free from  the control or lien of all other persons, except creditors, and shall be  paid, together with the interest thereon to the person or upon the order  by check or otherwise of the person in  whose  name  the  deposit  shall  stand,  and  the  receipt, acquittance or order of payment of such minor  shall be a valid and sufficient release and discharge for  such  deposit  or any part thereof to the foreign banking corporation.    4.  (a)  In  all  actions  against  any foreign banking corporation to  recover for moneys on deposit with a branch thereof in  this  state,  if  there be any person or persons, not parties to the action, who claim the  same  fund,  the  court  in  which  the  action  is pending, may, on the  petition of such foreign  banking  corporation,  and  upon  eight  days'  notice  to the plaintiff and such claimants, and without proof as to the  merits of the claim, make an  order  amending  the  proceedings  in  the  action by making such claimants parties defendant thereto; and the court  shall  thereupon  proceed  to  determine the rights and interests of the  several parties to the action in and to such funds. The remedy  provided  in  this  section shall be in addition to and not exclusive of any other  interpleader provision.    (b) The funds on deposit which are the subject of such an  action  may  remain with such foreign banking corporation to the credit of the action  until  final  judgment  therein, and be entitled to the same interest as  other deposits of the same class, and shall  be  paid  by  such  foreign  banking  corporation in accordance with the final judgment of the court;  or the deposit in controversy may be paid into court to await the  final  determination  of the action, and when the deposit is so paid into court  such foreign banking corporation shall be struck out as a party  to  the  action, and its liability for such deposit shall cease.    (c)  The costs in all actions against a foreign banking corporation to  recover deposits shall be in the discretion of the  court,  and  may  be  charged upon the fund affected by the action.    5.  Deposits  by custodian for a minor under part six of article seven  of the estates, powers and trusts law.  When  any  deposit  of  cash  or  securities  shall  be  made  with  a  branch  in this state of a foreign  banking corporation by a person purporting to act  as  custodian  for  a  minor  under part six of article seven of the estates, powers and trusts  law or under a similar law of another state, the deposit  together  with  any  interest  or dividends credited thereon may be paid or delivered to  or upon the order of such person, or his successor as custodian, or to a  minor upon the minor's attaining either  eighteen  years  or  twenty-one  years,  as  provided in accordance with part six of article seven of the  estates, powers and trusts law, if no custodian is acting at the time of  such payment or delivery, and any  receipt  or  order  of  such  person,  successor  or  minor shall be valid and sufficient release and discharge  of the depositary for any payment or delivery  so  made.  No  depositary  dealing with a person purporting to act as a custodian for a minor under  said  article  shall be bound to inquire into any facts bearing upon the  designation of such person as such custodian  or  the  propriety  of  or  authority  for any act of such person under said article or otherwise or  the age of the person designated as a  minor.  No  depositary  shall  be  liable for any act performed pursuant to the instruction or direction of  any  person purporting to act as custodian under said article unless thedepositary has actual knowledge that such act,  or  the  instruction  or  direction therefor, constitutes a breach of such person's obligations as  such  custodian,  or  unless  the  depositary  performs  such  act  with  knowledge  of  such  facts  that  acting pursuant to such instruction or  direction amounts to bad faith.