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Klein v. North Side Savings Bank

45 Misc. 2d 532 Court Supreme Court, Appellate Term, First Department, Decision date 1965-01-07 English

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p. 532
Henry Klein, Respondent, v. North Side Savings Bank, Appellant.
Supreme Court, Appellate Term, First Department,
January 7, 1965.
p. 533
Goldwater & Flynn (Leon Liner of counsel), for appellant. Lebenbaum & Klein (Edward Klein of counsel), for respondent. Oliver & Donnally (Martin A. Meyer, Jr., of counsel), for Savings Banks Association of New York State, amicus curiæ.

Section 300 of the Abandoned Property Law, which defines abandoned property as including bank deposits which have remained unclaimed for 10 years, does not apply to infant’s funds deposited by the guardian pursuant to an order of the court with the caveat “ subject to further order of the court ’ ’.

Appellant bank wrongfully treated respondent’s account, which had been inactive for 10 years, as abandoned property and is liable for damages.

The order should be affirmed, with $10 costs.

Concur — Tilzeb, J. P., Gold and Capozzoli, JJ.

Order affirmed, etc.

Statutes and regulations cited