New York § 98-A - 98-AClub accounts
Full text of New York New York Consolidated Laws § 98-A — 98-AClub accounts, with citation guidance and answers to common questions.
§ 98-A. 98-AClub accounts
§ 98-a. Club accounts. 1. No contract under which a bank or trust company agrees to repay deposits of fixed sums made at regular intervals at a given time with all interest or dividends credited thereon, or to repay said deposits when, together with interest or dividends credited thereon, they shall equal a specified sum, may provide for any forfeiture of the sums deposited in the event of the discontinuance of the regular payments. Interest or dividends on club accounts, if offered, must be credited at least quarterly and may not be forfeited once credited, in the event of the discontinuance of regular payments. 2. Any bank which provides for deposits in club accounts shall, in all advertising, announcements or brochures pertaining to such accounts, state whether or not interest or dividends are paid thereon and, if interest or dividends are paid, shall state the rate or form of interest or dividends so paid in accordance with any rules and regulations that may be prescribed by the superintendent.
Frequently Asked Questions About New York § 98-A
What does New York Consolidated Laws § 98-A cover?
Section 98-A ("98-AClub accounts") 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 § 98-A?
A common citation format is "New York Consolidated Laws § 98-A" (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 § 98-A 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.