N.Y. Comp. Codes R. & Regs. tit. 10 § 451.49

Current through Register Vol. 46, No. 51, December 18, 2024

Section 451.49 - Certificate of deposit

(a) A formal instrument, frequently negotiable or transferable, issued by a bank as evidence of indebtedness and arising from a deposit of cash subject to withdrawal under the specific terms of the instrument:

(1) demand certificates, payable upon presentation, seldom bearing interest;

(2) time certificates, payable at a fixed or determinable future date. usually bearing interest at a specified rate.

(b) A formal certificate, usually printed or engraved, ordinarily negotiable or transferable, and issued by a depository or agent against the deposit of bonds or stock of a corporation under the terms of a reorganization plan or other agreement.

N.Y. Comp. Codes R. & Regs. Tit. 10 § 451.49