{"jurisdiction": "us-ny", "code": "eptl", "section": "7-5.4", "citation": "EPTL § 7-5.4", "heading": "Effect of payment", "text": ["§ 7-5.4 Effect of payment", "A financial institution which, upon the death of a depositor and prior to service upon it of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payment, makes payment to a beneficiary or if the beneficiary is under eighteen years of age, to the guardian of the property or to the parent or parents of the infant beneficiary pursuant to section 7-5.3, shall, to the extent of such payment, be released from liability to any person claiming a right to the funds and the receipt or acquittance of the person to whom payment is made shall be a valid and sufficient release and discharge of the financial institution."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/7-5.4", "from_official_api": true, "plain_english": "After the depositor dies, a financial institution that pays the beneficiary—or an authorized parent or guardian for a beneficiary under **18 years old**—before receiving a court restraint is **released from liability to competing claimants to the extent paid**. ★ The recipient’s receipt fully discharges the institution for that payment.", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/7-5.4", "publisher": "Elyphived LLC"}