N.Y. Banking Law Section 630
Claims of shareholders and members of credit unions and savings and loan associations

For the purposes of sections six hundred six to six hundred thirty-one, both inclusive, of this chapter, the terms “depositors” and “creditors” shall be deemed to include shareholders or members of a credit union or savings and loan association, and the terms “claims, ” “accounts payable, ” “deposits” and “deposit accounts” shall be deemed to include the liability of a credit union or savings and loan association to such shareholders or members, provided, however, that nothing contained in this section shall in any way affect any priority over such shareholders or members to which any general creditor of a credit union or savings and loan association would be entitled in the absence of this section, and provided further that the provisions of subdivision two of § 620 (Notice to creditors to make proof of claims)section six hundred twenty of this chapter shall not apply to the claims of creditors entitled to such priority.

Source: Section 630 — Claims of shareholders and members of credit unions and savings and loan associations, https://www.­nysenate.­gov/legislation/laws/BNK/630 (updated Sep. 22, 2014; accessed Jul. 25, 2026).

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

Verified:
Jul. 25, 2026

Last modified:
Sep. 22, 2014

§ 630. Claims of shareholders & members of credit unions and savings and loan associations's source at nysenate​.gov

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