N.Y. Banking Law Section 620
Notice to creditors to make proof of claims

  • form of claims
  • claims for priority of payment

1.

When the superintendent shall have taken possession of any banking organization, and shall have determined to liquidate its affairs, he or she shall notify all persons who may have claims against such banking organization to present such claims to him or her and make proper proof thereof within four months from the date of such notice and at a place specified therein; provided, that (a) if the superintendent finds that a shorter period than four months will afford a reasonable time for presenting claims and making proof thereof, he or she may specify such shorter period which shall in no event be less than thirty days or (b) if the superintendent finds that a longer period than four months is needed to afford a reasonable time for presenting claims and making proof thereof, he or she may specify such longer period which shall in no event be more than six months from the date of such notice. In any event the superintendent shall specify in such notice the last date for presenting claims and for making proof thereof. The superintendent shall cause such notice to be mailed to all persons whose names appear as creditors upon the books of the banking organization. Such notice to persons appearing as depositors shall be mailed to the address appearing upon the deposit records or ledger of such banking organization. The superintendent shall also cause such notice to be inserted biweekly in such newspaper or newspapers as he or she may direct for three consecutive months, the first insertion thereof to be published more than ninety days before the last day fixed in such notice for presenting proof of claims; provided, that where the notice requires claims to be presented within less than four months, the superintendent shall cause such notice to be inserted weekly in such newspaper or newspapers as he or she may direct for three consecutive weeks, the first insertion thereof to be published more than twenty-one days before the last day fixed in such notice for presenting claims. Such notice shall specify that all persons having claims for priority of payment shall make demand in writing for priority in the proof of their claims. The superintendent shall have no power to accept any claim presented after the date specified in such notice as the last date for presenting claims.

2.

A proof of claim shall consist of a written statement under oath signed by the claimant or his attorney in fact, and shall be in such form as the superintendent shall require.

3.

All persons who shall have failed to demand in writing priority of payment as specified in the notice to file claims shall be deemed to have waived and abandoned any right to such priority of payment. No person who shall have failed to demand in writing priority of payment as herein above provided, shall be entitled to maintain any action or proceeding for any priority of payment. In all actions or proceedings for priority of payment, the claimant shall be required to allege and prove that the claim upon which the action is instituted was duly filed and contained therein demand in writing for priority of payment.

Source: Section 620 — Notice to creditors to make proof of claims; form of claims; claims for priority of payment, https://www.­nysenate.­gov/legislation/laws/BNK/620 (updated Sep. 22, 2014; accessed Dec. 2, 2023).

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:
Dec. 2, 2023

Last modified:
Sep. 22, 2014

§ 620’s source at nysenate​.gov

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