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A06685 Summary:

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A06685 Floor Votes:

A06685 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6685
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 11, 2009
                                       ___________
 
        Introduced by M. of A. MILLER -- read once and referred to the Committee
          on Banks
 
        AN  ACT  to  amend  the banking law, in relation to the order in which a
          payor bank shall pay checks
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section  1.  The banking law is amended by adding a new section 9-v to
     2  read as follows:
     3    § 9-v. Banking institutions to pay checks drawn therein  in  order  of
     4  presentation.   Notwithstanding any other law, rule or regulation to the
     5  contrary, every banking institution which provides checking accounts for
     6  its customers shall, in paying such checks as are presented for payment,
     7  pay the checks in the order wherein they are received; provided,  howev-
     8  er, if a check is dishonored for insufficient funds and thereafter smal-
     9  ler checks which could be paid are received, the smaller checks shall be
    10  honored within amounts on deposit in the subject account.
    11    §  2. This act shall take effect on the first of January next succeed-
    12  ing the date on which it shall have become a law.

 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09693-01-9