Banking Law of New York : Chapter 2 of Consolidated Laws, Chapter 369, Laws of 1914 With Notes, Annotations And References
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Inst., 24 Misc. 4.
PAYMENT TO FOREIGN ADMINISTEATOE.— A savings bank is pro- tected in paying in good faith a deposit of a non-resident to the latter's administrator appointed in the state of the deceased depositor's domicile; the fact that an administrator had been appointed in this state before the pay- ment does not affect the validity of the payment if the bank had no actual notice of the appointment; sufficient notice thereof is not afforded by the record of the appointment in the surrogat...e's office. Maas v. German Sav.
Bank, 176 N. Y. 377, aff'g 73 App. Div. 524.
PASS-BOOKS. — The pass-book issued by a savings bank to a depositor is not a negotiable instrument, and mere possession thereof does not constitute proof of the right of the holder to draw money thereon. Allen v. Williams- burgh Sav. Bank, 69 N. Y. 314, 319; Smith v. Brooklyn Sav. Bank, 101 N. Y.
58 ; Kxunmel v. Germania Sav. Bank, 127 N. Y. 488. See also Wall v. Emi- grant Industrial Sav. Bank, 64 Hun 249, 254.
The provision of the Banking Law that no savings bank shall pay any deposit unless the pass-book of the depositor shall be produced and the proper entry made therein, does not make the production of the pass-book an arbitrary condition which must at all hazards be complied with, and a depositor is entitled to receive his money where circumstances render the production of the book impossible, for the rule is to protect the bank against the payment of deposits to others than those entitled thereto and the reasonableness of the excuse for not producing the book must be determined in the light of this purpose.
What to read after Banking Law of New York : Chapter 2 of Consolidated Laws, Chapter 369, Laws of 1914 With Notes, Annotations And References?
You can find similar books in the "Read Also" column, or choose other free books by Amasa J Amasa Junius Parker to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Inst., 24 Misc. 4.
PAYMENT TO FOREIGN ADMINISTEATOE.— A savings bank is pro- tected in paying in good faith a deposit of a non-resident to the latter's administrator appointed in the state of the deceased depositor's domicile; the fact that an administrator had been appointed in this state before the pay- ment does not affect the validity of the payment if the bank had no actual notice of the appointment; sufficient notice thereof is not afforded by the record of the appointment in the surrogat...e's office. Maas v. German Sav.
Bank, 176 N. Y. 377, aff'g 73 App. Div. 524.
PASS-BOOKS. — The pass-book issued by a savings bank to a depositor is not a negotiable instrument, and mere possession thereof does not constitute proof of the right of the holder to draw money thereon. Allen v. Williams- burgh Sav. Bank, 69 N. Y. 314, 319; Smith v. Brooklyn Sav. Bank, 101 N. Y.
58 ; Kxunmel v. Germania Sav. Bank, 127 N. Y. 488. See also Wall v. Emi- grant Industrial Sav. Bank, 64 Hun 249, 254.
The provision of the Banking Law that no savings bank shall pay any deposit unless the pass-book of the depositor shall be produced and the proper entry made therein, does not make the production of the pass-book an arbitrary condition which must at all hazards be complied with, and a depositor is entitled to receive his money where circumstances render the production of the book impossible, for the rule is to protect the bank against the payment of deposits to others than those entitled thereto and the reasonableness of the excuse for not producing the book must be determined in the light of this purpose.
What to read after Banking Law of New York : Chapter 2 of Consolidated Laws, Chapter 369, Laws of 1914 With Notes, Annotations And References?
You can find similar books in the "Read Also" column, or choose other free books by Amasa J Amasa Junius Parker to read onlineMoreLess
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