Any bank which delivers or has heretofore delivered to the State Treasurer pursuant to law any unclaimed or abandoned deposit shall not thereafter be liable to any person for the same and any action which may be brought by any person against a bank for money so delivered to the State Treasurer shall be defended by the Attorney General without cost to the bank.
DepositsDormant Accounts
Section § 1440
This law states that if a bank gives unclaimed or abandoned deposits to the State Treasurer, it won't have to worry about legal claims for that money in the future. If someone tries to sue the bank for that money, the Attorney General will handle the defense at no cost to the bank.
unclaimed deposits abandoned deposits bank liability
