N.Y. Banking Law Section 490-F
Powers of superintendent to obtain payment from fund

In any case where the superintendent has taken possession of any party to the agreement and has been engaged in the liquidation thereof for one year, he may demand of the trustee or trustees payment to him from the fund of such sum as shall be necessary to enable him to pay a dividend on account of insured shares which taken together with any dividends previously paid on account thereof will equal fifty per centum of the established insured claim of shareholders. At the end of two years from the date upon which the superintendent took possession of any such party to the agreement he may demand of the trustee or trustees payment to him from the fund of such additional sum as shall be necessary to enable him to pay a dividend on account of insured shares which taken together with dividends previously paid on account thereof shall equal seventy-five per centum of such established insured claims of shareholders. At the end of three years from the date upon which the superintendent took possession of any party to the agreement he may demand of the trustee or trustees payment to him from the fund of such additional sum as shall be necessary to enable him to pay the unpaid balance of such established insured claims of shareholders. Any payments demanded by the superintendent shall be paid to him from the fund by the trustee or trustees within thirty days of the date of such demand. Any sum realized by the superintendent from the liquidation of any party to the agreement after shareholders have been paid in full, shall be paid by him to the trustee or trustees of the fund to the extent of the aggregate of the sums paid by the trustee or trustees to the superintendent under the provisions of this section.

Source: Section 490-F — Powers of superintendent to obtain payment from fund, https://www.­nysenate.­gov/legislation/laws/BNK/490-F (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 490-F’s source at nysenate​.gov

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