New York Court of Appeals
New York State Bankers Association by Kenneth E. Buhrmaster, as President v. Harry W. Albright, Jr., as…
December 29, 197538 N.Y.2d 430
Summary
The Court affirmed the Appellate Division's decision that New York savings banks lack statutory authority to offer Negotiable Order of Withdrawal (NOW) accounts and that the Superintendent of Banks' regulations permitting such accounts are void. The holding rests on a statutory‑and‑legislative‑history analysis that rejects the notion that the Banking Law is unambiguous on this point. Enforcement of the judgment was stayed until March 31, 1976.