Bill > A08549

This bill establishes new rules for joint accounts and non-survivorship accounts, which are types of bank accounts held by more than one person. A "joint account" typically means that if one account owner dies, their share goes to the surviving owner(s), while a "non-survivorship account" means the deceased owner's share goes to their estate. The bill defines key terms like "account owner" (a person with ownership interest, not just someone authorized to transact) and "convenience signer" (someone authorized to transact but without ownership). It mandates that banks must have a clear "account agreement" that specifies survivorship rights and convenience signer designations for any new or modified personal accounts opened after the bill's effective date. This agreement will govern how funds are handled during the account owners' lifetimes and after their death, and banks are generally protected from liability if they follow the agreement, unless they fail to properly establish or maintain it. The bill also outlines procedures for handling competing claims to funds and clarifies that banks are not required to provide legal or tax advice. Importantly, the bill specifies that these new rules apply only to accounts established before a certain date and not subsequently modified by adding or removing an account owner or convenience signer, though changes related to power of attorney do not count as modifications.

Business and Industry, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/A8549