New York § 359-L - 359-LDeposit of moneys by fiduciary
Full text of New York New York Consolidated Laws § 359-L — 359-LDeposit of moneys by fiduciary, with citation guidance and answers to common questions.
§ 359-L. 359-LDeposit of moneys by fiduciary
§ 359-l. Deposit of moneys by fiduciary. If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account against which he is empowered to sign as a fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, the bank receiving such deposit may assume, if acting in good faith and without actual knowledge to the contrary, that the funds so deposited by the fiduciary are funds to which the fiduciary is personally entitled. Nothing contained in this section shall be deemed to modify or otherwise affect any provision of section ninety-five of the negotiable instruments law, nor to relieve such bank from any liability imposed upon it by law to the extent of any payment or amount which such bank may receive for its benefit from any withdrawal or application of such funds so deposited.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 359-L
What does New York Consolidated Laws § 359-L cover?
Section 359-L ("359-LDeposit of moneys by fiduciary") 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 § 359-L?
A common citation format is "New York Consolidated Laws § 359-L" (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 § 359-L 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.