N.Y. Banking Law Section 613
Payment by superintendent of expenses of liquidation


The superintendent shall pay out of the funds in his hands of any banking organization of which he is in possession, all expenses of liquidation, subject to the approval of the supreme court in the judicial district in which the principal office of such banking organization was located. The application for an order of the supreme court pursuant to this section shall be made upon an order to show cause which shall provide that notice thereof to the depositors and creditors, and to the stockholders or shareholders, if any, of such banking organization be published once in each week for two consecutive weeks in a newspaper of general circulation in the county in which the principal office of such banking organization was located. Such order to show cause shall also be served upon such banking organization in such manner as the court, in such order to show cause, may direct. The hearing upon such application shall be held not less than ten days after the first publication of such notice. An order approving the final expenses of liquidation of a corporate banking organization may, in a proper case, and if the petition complies with the requirements of subdivision three of § 627 (Dividends to creditors)section six hundred twenty-seven of this article, include a provision declaring the banking organization dissolved and its corporate existence terminated. The supreme court shall not upon any application under this section increase the compensation of special deputy superintendents, assistants, counsel or other employees over the amount fixed by the superintendent, or direct the superintendent to make any expenditure not approved by him.

Source: Section 613 — Payment by superintendent of expenses of liquidation, https://www.­nysenate.­gov/legislation/laws/BNK/613 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

600
Merger
601
Merger agreement
601‑A
Purchase of assets
601‑B
Approval or disapproval of merger or purchase of assets
601‑C
Sale, lease, exchange or other disposition of property, rights, privileges and franchises
602
Effect of merger
603
Issuance of new certificates of stock or other consideration
604
Rights of dissenting stockholders
604‑A
Transfer of fiduciary relationships
605
Voluntary liquidation
605‑A
Transfer of deposit liabilities of bank or trust company
606
When superintendent may take possession of banking organization
607
Manner and time within which taking possession may be tested
609
Resumption of business by bank, trust company or industrial bank
610
Resumption of business in accordance with plan of reorganization
611
Special deputies
611‑A
Appointment of single judge
612
Certificates to be recorded and received in evidence
612‑A
Payment of wages
613
Payment by superintendent of expenses of liquidation
614
Obtaining possession of pleadings, et cetera, in actions against which attorneys’ liens are asserted
615
On taking possession, superintendent shall notify those holding assets
616
Inventory of assets
617
Disposition of property held as bailee, or depositary
618
Liquidation and conservation of assets
618‑A
Repudiation of contracts
619
Prosecution and defense of actions
620
Notice to creditors to make proof of claims
620‑A
Certain claims shall not be accepted
622
List of claims duly presented
623
Filing objections to claims presented or listed
624
Acceptance and rejection of claims and accounts
625
Effect of accepting claims and accounts
626
Judgments recovered shall not be liens
627
Dividends to creditors
628
Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation
629
Payment of dividends to minors, trustees or joint depositors
630
Claims of shareholders and members of credit unions and savings and loan associations
631
Actions against directors, trustees, managers or officers for violation of their official duties
633
Service of notice or process during time of war
634
Power to appoint regulator or insurer as receiver

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 613’s source at nysenate​.gov

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