N.Y. BNK. LAW § 675 : NY Code - Section 675: Joint deposits and shares; ownership and payment

Search N.Y. BNK. LAW § 675 : NY Code - Section 675: Joint deposits and shares; ownership and payment

(a) When a
  deposit of cash, securities, or other property has been  made  or  shall
  hereafter be made in or with any banking organization or foreign banking
  corporation  transacting  business  in  this state, or shares shall have
  been already issued or shall be hereafter issued,  in  any  savings  and
  loan  association or credit union transacting business in this state, in
  the name of such depositor or shareholder and another person and in form
  to be paid or delivered to either, or the survivor of them, such deposit
  or shares and any additions thereto made, by  either  of  such  persons,
  after  the  making thereof, shall become the property of such persons as
  joint tenants and the same, together with  all  additions  and  accruals
  thereon,  shall  be  held for the exclusive use of the persons so named,
  and may be paid or delivered to either during the lifetime of both or to
  the survivor after the death  of  one  of  them,  and  such  payment  or
  delivery  and the receipt or acquittance of the one to whom such payment
  or delivery is made,  shall  be  a  valid  and  sufficient  release  and
  discharge to the banking organization or foreign banking corporation for
  all  payments  or  deliveries  made on account of such deposit or shares
  prior to the receipt by the  banking  organization  or  foreign  banking
  corporation  of  notice  in  writing  signed  by  any  one of such joint
  tenants, not to pay or deliver such deposit or shares and the  additions
  and  accruals  thereon  in  accordance with the terms thereof, and after
  receipt of any such notice, the banking organization or foreign  banking
  corporation  may  require  the receipt or acquittance of both such joint
  tenants for any further payments or delivery.
    (b) The making of such deposit or the issuance of such shares in  such
  form  shall,  in the absence of fraud or undue influence, be prima facie
  evidence, in any action or proceeding to which the banking organization,
  foreign banking corporation, surviving depositor  or  shareholder  is  a
  party,  of  the intention of both depositors or shareholders to create a
  joint tenancy and to vest title to such deposit or shares, and additions
  and accruals thereon, in such survivor.  The burden of proof in refuting
  such prima facie evidence is upon the party or parties  challenging  the
  title of the survivor.
    (c)  1.  The  banking board shall promulgate and may from time to time
  amend rules and regulations which require that the joint tenants  of  an
  account established on or after the date on which the rule or regulation
  becomes effective and representing any deposit or shares governed by the
  foregoing  provisions of this section, shall, at the time the account is
  established be informed of the  terms  and  conditions  of  the  account
  including  the  relationship and consequences between the parties in the
  account and the responsibilities  of  the  institution  with  which  the
  account is established.
    2.  This subdivision or any rule or regulation thereunder shall not be
  deemed or construed as increasing or diminishing the rights or liability
  of any person, or other entity.