N.Y. Banking Law Section 634
Power to appoint regulator or insurer as receiver

  • additional powers
Notwithstanding anything to the contrary in this chapter, the superintendent may, in his or her sole discretion, and upon such terms and conditions as the superintendent may approve, appoint as receiver or liquidator of any banking organization or branch or agency of a foreign banking corporation, the business and property of which the superintendent has taken or is entitled to take possession, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the successor or assignee of any of the foregoing, or such other regulator, or insurer of deposits or shares as may be empowered by federal law to receive such appointment. Any regulator or insurer which accepts such appointment may act without bond or other security as to such appointment and shall have and possess, and may exercise, all the rights, powers and privileges provided by the laws of this state to the superintendent in his or her capacity as, or to any other, receiver or liquidator of a banking organization or branch or agency of a foreign banking corporation. Upon the payment to any depositor or shareholder of a banking organization or branch or agency of a foreign banking corporation, the regulator or insurer shall be subrogated to all the rights of such depositor or shareholder to the extent of such payment. In addition to such other powers as he or she may possess under law, the superintendent, or any regulator or insurer which accepts appointment in accordance with the provisions of this section, may, without obtaining the approval of stockholders, shareholders or any court, sell, transfer, assign, consolidate or otherwise dispose of all or any part of the assets, real and personal, including fiduciary relationships, of the banking organization, or branch or agency of the foreign banking corporation, to another banking organization, national bank, branch or agency of a foreign banking corporation, federal savings bank, federal savings and loan association or federal credit union or to such regulator or insurer, its successor or assignee, on such terms as may be determined to be in the best interests of depositors, shareholders and other creditors. In connection therewith the superintendent may, in addition, and without obtaining court approval, borrow from such regulator or insurer any amount necessary to facilitate the assumption of deposit liabilities by any other banking institution and assign any part or all of the assets of a banking organization or branch or agency of a foreign banking corporation as security for such loan.

Source: Section 634 — Power to appoint regulator or insurer as receiver; additional powers, https://www.­nysenate.­gov/legislation/laws/BNK/634 (updated Sep. 22, 2014; accessed Jan. 18, 2025).

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:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 634’s source at nysenate​.gov

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