Section 134. Repayment of deposits standing in the names of minors, trustees or joint depositors; repayment where adverse claim is asserted; interpleader in certain actions; effect of claims or advices originating in, and statutes, rules or regulations purporting to be in force in occupied territories

1.   Any minor may endorse a check payable to his  order for the purpose of depositing the proceeds in  a  deposit  in  his
  name  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  bank  or  trust
  company.
    4.  A bank or trust company need not recognize or give any effect to a
  claim of authority to order the payment or  delivery  of  any  funds  or
  other property standing on its books to the credit of, or held by it for
  the  account  of, any person, corporation, unincorporated association or
  partnership, which claim conflicts with a claim of  authority  of  which
  the bank or trust company had prior notice, unless the person or persons
  asserting  such  subsequent  claim  shall  procure  a restraining order,
  injunction or other appropriate  process  against  said  bank  or  trust
  company from a court of competent jurisdiction in the United States, or,
  in  lieu  thereof, with the consent of said bank or trust company, shall
  execute to said bank  or  trust  company,  in  form  and  with  sureties
  acceptable  to  it,  a  bond, indemnifying it for any and all liability,
  loss, damage, costs and expenses for or on account  of  any  payment  or
  delivery  of  such  property  by it pursuant to such subsequent claim of
  authority or for or on account of the dishonor of  any  check  or  other
  order of any person or persons asserting the claim of authority of which
  such bank or trust company already had notice at the time the subsequent
  conflicting  claim  of  authority  is  asserted by the person or persons
  furnishing such bond.
    5. Notice to any bank or trust company of  an  adverse  claim  to  any
  property, or to a deposit of cash or securities standing on its books to
  the  credit  of,  or  held  for  the account of, any person shall not be
  effectual to cause said bank or trust company to recognize said  adverse
  claimant  unless  said  adverse  claimant  shall  also  either procure a
  restraining order, injunction or other appropriate process against  said
  bank  or  trust  company  from  a court of competent jurisdiction in the
  United States in a cause therein instituted by him wherein the person to
  whose credit the deposit stands, or for whose account  the  property  or
  deposit  is  held,  or his executor or administrator is made a party and
  served with summons, or shall execute to said bank or trust company,  in
  form  and  with sureties acceptable to it a bond, indemnifying said bank
  or trust company from any and all liability,  loss,  damage,  costs  and
  expenses,  for  and on account of the payment of or delivery pursuant to
  such adverse claim or the dishonor of the check or other  order  of  the
  person  to  whose credit the deposit stands on the books of said bank or
  trust company or for whose account the property or deposit  is  held  by
  said bank or trust company.
    6. (a) In all actions against any bank or trust company to recover for
  moneys  on  deposit  therewith,  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 bank or trust company,
  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 that provided in any other interpleader provision.
    (b) The funds on deposit which are the subject of such an  action  may
  remain with such bank or trust company 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  bank  or  trust
  company  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 bank or trust company 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  bank  or  trust  company  to
  recover  deposits  shall  be  in the discretion of the court, and may be
  charged upon the fund affected by the action.
    7. (a) A bank or trust company need not recognize or give  any  effect
  to  (1)  any  claim  to a deposit of cash, securities, or other property
  standing on its books to the credit of, or held by it  for  the  account
  of,  any  corporation,  firm or association in occupied territory or (2)
  any advice, statute, rule or regulation purporting to cancel or to  give
  notice  of  the  cancellation of the authority of any person at the time
  appearing on the books of such bank or trust company  as  authorized  to
  withdraw  or otherwise dispose of cash, securities, or other property of
  such corporation, firm or association, unless such bank or trust company
  is required so to do by appropriate process procured  against  it  in  a
  court  of competent jurisdiction in the United States in a cause therein
  instituted by or in the name of such corporation, firm  or  association,
  or unless the person making such claim or giving such advice or invoking
  such  statute,  rule or regulation, as the case may be, shall execute to
  such bank or trust company, in form and with sureties acceptable to  it,
  a  bond  indemnifying it from any and all liability, loss, damage, costs
  and expenses for and on account of recognizing or giving any  effect  to
  such claim, advice, statute, rule or regulation.
    (b)  For  the  purposes  of  this  subdivision  (1) the term "occupied
  territory"  shall  mean  territory  occupied  by  a  dominant  authority
  asserting  governmental,  military  or police powers of any kind in such
  territory, but not recognized by  the  United  States  as  the  de  jure
  government  of  such  territory,  and (2) the term "corporation, firm or
  association in occupied territory" shall mean  a  corporation,  firm  or
  association  which  has,  or at any time has had, a place of business in
  territory which has at any time been occupied territory.
    (c) The foregoing provisions of this subdivision  shall  be  effective
  only in cases where (1) such claim or advice purports or appears to have
  been  sent  from or is reasonably believed to have been sent pursuant to
  orders originating in, such occupied  territory  during  the  period  of
  occupation,  or  (2)  such  statute,  rule or regulation appears to have
  emanated from such dominant authority and purports to be or to have been
  in force in such occupied territory during the period of occupation.
    (d) The foregoing  provisions  of  this  subdivision  shall  apply  to
  claims,  advices,  statutes, rules or regulations made, given or invoked
  either prior to, or on or subsequent to the effective date of this act.
    9. 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 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 the depositary 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.