Legal Opinion
LeBovici v. Jamaica Savings Bank
New York Court of Appeals
Decided March 23, 1982PublishedCited by 10 opinions
1Opinion of the Court
OPINION OF THE COURT
Memorandum.
The order of the Appellate Division should be affirmed, with costs.
Petitioners agreed that their deposit would only “be payable at maturity”, and in exchange for petitioners’ commitment of their funds for a fixed period of time the bank agreed to pay a higher rate of interest than is applicable to savings accounts where withdrawal is permitted upon demand. This agreement was not illusory nor was it rendered illusory by the inclusion of the following provision: “If withdrawal is permitted prior to maturity on Time Savings Accounts, Federal. Deposit Insurance…
2Cited by10 opinions
- Megaris Furs, Inc. v. Gimbel Brothers, Inc.Appellate Division of the Supreme Court of the State of New York · 1991
- Murphy v. GutfreundDistrict Court, S.D. New York · 1984
- Citibank, N.A. v. Morgan Stanley & Co. InternationalDistrict Court, S.D. New York · 2010
- Royal Mortgage Corp. v. Federal Deposit InsuranceDistrict Court, S.D. New York · 1998
- Ayala v. Jamaica Savings BankNew York Supreme Court · 1983
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