N.Y. Banking Law § 680-L – Term and termination

1. Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
2. Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
3. A bank that pays the remaining balance as provided under subdivision two of this section has no further obligation with respect to the special deposit.