N.Y. Banking Law Section 30
Unclaimed amounts

  • deposit by superintendent in trust
  • preference
  • release of debtor

1.

After the completion of the voluntary or involuntary liquidation of the business and property of any banking organization or of the business and property in this state of any foreign banking corporation, the superintendent may take and hold as trustee for the owners thereof any amounts which remain due to and unclaimed by any creditor, depositor, stockholder, shareholder, bailor or depositor of property for hire or otherwise, or lessee of any safe, vault or box. Whenever such amounts are received by the superintendent and he is not in possession of the business and property of such banking organization or corporation, he shall give his receipt for such amounts and shall forthwith deposit them in one or more banks, trust companies, or savings banks, to the credit of the superintendent of financial services in trust for the persons entitled thereto. In a liquidation by the superintendent he shall deposit such amounts in like manner at the times provided in article 13 (Merger)article thirteen of this chapter.

2.

All such deposits by the superintendent shall be entitled to priority of payment in case of the insolvency or voluntary or involuntary liquidation of the depositary on an equality with any other priority given by this chapter.

3.

The superintendent shall before the close of each fiscal year pay into the state treasury all interest received by him on such unclaimed amounts since the last such payment.

4.

Any banking organization or foreign banking corporation with respect to which the superintendent has received unclaimed amounts as trustee for the owners thereof pursuant to the provisions of this section shall, from and after the date when such amounts are so received, be relieved and held harmless from any and all liability for any claim or claims which exist at such time with respect to such unclaimed amounts, or which may thereafter be made or may come into existence on account of or in respect of any such unclaimed amounts, and no action shall be maintained against such banking organization or corporation or any officer, partner, agent, employee, attorney, shareholder or stockholder thereof for the recovery of any such unclaimed amounts, or for interest thereon subsequent to the date of receipt by the superintendent or for damages alleged to have resulted from the payment thereof to the superintendent.

Source: Section 30 — Unclaimed amounts; deposit by superintendent in trust; preference; release of debtor, https://www.­nysenate.­gov/legislation/laws/BNK/30 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

10
Declaration of policy 11
Department of financial services 12‑A
Power of state chartered banking institutions to exercise the rights of counterpart federally chartered banking institutions 14
Additional powers of the superintendent 14‑A
Rate of interest 14‑B
Power of the superintendent of financial services to prescribe minimum rate of interest on mortgage escrow accounts 14‑C
Power of the superintendent of financial services to prescribe criteria for disclosure of information on savings and time accounts 14‑D
Power of the superintendent of financial services to prescribe a reasonable period of time permitting the drawing on items received for d... 14‑E
Power of the superintendent to authorize the operation of savings banks and savings and loan associations in stock form 14‑F
Power of the superintendent of financial services to require the provision of basic banking services 18
Fees for copies and certifications 18‑A
Application fees 18‑B
Holocaust reparations payment fees 19
Assessments for deficiency in reserves against deposits 20
Assessments, penalties and forfeitures entitled to priority 21
Collection of assessments, penalties and forfeitures 22
Fingerprints 23
Acceptance or rejection of certificate 24
Investigation by superintendent 25
Authorization certificate 25‑A
Authority of superintendent to file organization certificate and issue authorization certificate under certain conditions 26
Licenses to foreign banking corporations 27
Exchange and examination of securities 28
Change of location 28‑A
Temporary change of location 28‑B
Credit needs of local communities 28‑BB
Credit needs of local communities 28‑C
Branch office closings 29
Branch offices 30
Unclaimed amounts 31
Index of persons entitled to unclaimed amounts 32
Insurance of deposits and share accounts 33
Reserve depositaries 34
Superintendent as attorney to accept service of process 36
Examinations 36‑A
Reports of lending by banking organizations 36‑B
Preservation of books and records 37
Reports to superintendent 37‑A
Submission of annual reports by the Holocaust claims processing office 38
Power of subpoena 39
Orders of superintendent 40
Revocation of authorization certificate or license or suspension of activities in certain cases 41
Removal of director, trustee or officer 42
Official acts of superintendent and details of department business to be made public 44
Violations 44‑A
Violations and penalties 45
Export finance awareness program
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 30’s source at nysenate​.gov

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