N.Y. Banking Law § 178 Business of Deceased Private Banker; Continuation; Liquidation

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 682

In case of the death of an individual engaged in the business of a private banker, his executor, administrator or other legal representative, and in case of the death of a member of a partnership so engaged, the surviving members of the partnership, may continue such business for a period of six months from the date of such death if such continuation is necessary, in order to bring about the liquidation of such business. If the liquidation shall not have been accomplished within such period of six months, the superintendent may extend the time for a further period not to exceed one year or may, at his option, take over such private banking business and complet...