N.Y. Banking Law § 680-d

§ 680-d. Requirements for special deposit. A deposit is a special\ndeposit if it is:\n 1. a deposit of funds in a bank under an account agreement;\n 2. for the benefit of at least two beneficiaries, one or more of which\nmay be a depositor;\n 3. denominated in a medium of exchange that is currently authorized or\nadopted by a domestic or foreign government;\n 4. for a permissible purpose stated in the account agreement; and\n 5. subject to a contingency.\n