New York § 221 - 221Liability; early repayment and withdrawal
Full text of New York New York Consolidated Laws § 221 — 221Liability; early repayment and withdrawal, with citation guidance and answers to common questions.
§ 221. 221Liability; early repayment and withdrawal
§ 221. Liability; early repayment and withdrawal. Nothing contained in this article shall impose liability on the state or any of its departments or employees for payment or delays in payment of the principal or interest of a linked loan. Any delay in payments or any default on a linked loan shall in no way affect the linked deposit agreement between the lender and the authorized depositor. However, in the event the interest rate of the linked loan shall be increased as a consequence of default or renegotiation, or the loan shall be charged off, the lender shall give the authorized depositor prompt notice of such event, and the authorized depositor shall thereafter withdraw the linked deposit upon not less than seven days' prior written notice to the lender. Upon early repayment of a linked loan, the lender shall within thirty days give the authorized depositor notice of such early repayment, and the authorized depositor shall thereafter withdraw the linked deposit upon not less than seven days' prior written notice to the lender, and the interest rate payable on the linked deposit from the date of early repayment of the linked loan to the date of withdrawal of the linked deposit shall be the interest rate upon which the linked deposit interest rate was calculated without regard to the applicable basis point reduction.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 221
What does New York Consolidated Laws § 221 cover?
Section 221 ("221Liability; early repayment and withdrawal") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 221?
A common citation format is "New York Consolidated Laws § 221" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 221 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.