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 Oct. 26, 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
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 613’s source at nysenate​.gov

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