LeBOVICI v. JAMAICA SAV. BANK


56 N.Y.2d 522 (1982)

Ronald S. LeBovici et al., Appellants, v. Jamaica Savings Bank, Respondent.

Court of Appeals of the State of New York.

Decided March 23, 1982.


Attorney(s) appearing for the Case

Ronald LeBovici, pro se, and Louis Schaeffer for Ronald LeBovici and another, appellants.

Jerry J. Limoncelli for respondent.

Leopold S. Rassnick, William P. Tucker, Steven E. Grill, John P. Cuddahy and Joseph E. Kaht for Savings Bank Association of New York State, amicus curiae.

Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and MEYER concur.


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...

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