N.Y. Comp. Codes R. & Regs. tit. 3 § 15.1

Current through Register Vol. 46, No. 39, September 25, 2024

Section 15.1 - Definitions

(a) Joint account. For purposes of this Part, a joint account shall mean any deposit of cash (including purchases of shares in the case of mutual savings and loan associations and credit unions), securities or other property made in or with any banking organization or foreign banking corporation transacting business in this State, in the name of the depositor and another person or persons and in form to be paid or delivered to any or the survivor of them.

(b) Owner of a joint account. For purposes of this Part, the owner of a joint account shall refer to the depositor and any other person or persons named on the account.

(c) Convenience account. For purposes of this Part, a convenience account shall mean any deposit of cash (including purchases of shares in the case of mutual savings and loan associations and credit unions), securities or other property made in or with any banking organizations or foreign banking corporation transacting business in this State, in the name of the depositor and another person or persons and in a form to be paid or delivered to any of them "for the convenience" of the depositor without any right of survivorship in the account existing in favor of the other person or persons so named solely by virtue of such account designation.

(d) Owner of a convenience account. For purposes of this Part, the owner of a convenience accountshall refer only to the depositor and he or she shall be clearly designated as such on the records of the depositary. In the account title, "FCO" may be used to represent the term "For the Convenience Of" or "For Convenience Only" whichever is appropriate in the context of the account title. The word "owner" need not appear in the account title.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 15.1