EPTL 7-5.4 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7-5.3 Payment to beneficiary up PART 5 Bank Accounts In Trust Form next SECTION 7-5.5 Rights not affected Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7-5.4 Effect of payment Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 5 § 7-5.4 Effect of payment A financial institution which, upon the death of a depositor and prior to service upon it of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payment, makes payment to a beneficiary or if the beneficiary is under eighteen years of age, to the guardian of the property or to the parent or parents of the infant beneficiary pursuant to section 7-5.3, shall, to the extent of such payment, be released from liability to any person claiming a right to the funds and the receipt or acquittance of the person to whom payment is made shall be a valid and sufficient release and discharge of the financial institution.