N.Y. Banking Law Section 629
Payment of dividends to minors, trustees or joint depositors

  • payment of dividends where adverse claim is asserted
  • interpleader in certa...
§ 629. Payment of dividends to minors, trustees or joint depositors; payment of dividends where adverse claim is asserted; interpleader in certain actions.

1.

Where a claim or an account payable in the name of any minor has been accepted by the superintendent, dividends thereon shall be paid to such minor and the receipt or acquittance of such minor shall be a valid and sufficient release and discharge to the superintendent.

5.

Notice to the superintendent of an adverse interest in a claim or account payable accepted by the superintendent to the credit of any person shall not be effectual to cause the superintendent to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction or other appropriate process against said superintendent from a court of competent jurisdiction in a cause therein instituted by him wherein the person to whose credit said claim or account payable was accepted or his executor or administrator is made a party and served with summons, or shall execute to said superintendent, in form and with sureties acceptable to him, a bond, indemnifying the superintendent from any and all liability, loss, damage, costs and expenses, for and on account of the payment of dividends to such adverse claimant.

6.

(a) In all actions or proceedings against the superintendent to recover dividends on claims or accounts payable accepted, if there be any person or persons, not parties to the action, who claim the fund, the court in which the action or proceeding is pending, may, on the motion of the superintendent, make an order amending the proceedings making such claimants parties thereto; and the court shall thereafter proceed to determine the rights and interests of the several parties to such funds. The remedy provided in this section shall be in addition to and not exclusive of that provided in any other interpleader provision.

(b)

The dividends which are the subject of such an action may remain with the superintendent to the credit of the action until final judgment therein and shall not be entitled to interest, and shall be paid by the superintendent in accordance with the final judgment of the court; or the dividends in controversy may be paid into court to await the final determination of the action and when the dividend or dividends are so paid into court the superintendent shall be stricken out as a party to the action and his liability shall cease.

(c)

The costs in all actions against the superintendent to recover dividends shall be in the discretion of the court, and may be charged upon the fund affected by the action.

7.

In case the superintendent is in doubt concerning the person entitled to receive payment of any dividend, or there are conflicting claims thereto, he may require of the claimant an order of the supreme court authorizing and directing the payment thereof, but for any payment made by him in good faith, by check or order, payable to the claimant appearing from the records in his office to be entitled thereto, he shall be held harmless and shall not be liable to any subsequent claimant.

Source: Section 629 — Payment of dividends to minors, trustees or joint depositors; payment of dividends where adverse claim is asserted; interpleader in certa..., https://www.­nysenate.­gov/legislation/laws/BNK/629 (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

§ 629’s source at nysenate​.gov

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