N.Y. Town Law Section 64-B
Powers of town with respect to municipal deposits in national banks in liquidation

Whenever the depositors and other unsecured creditors of a national bank, representing at least sixty per centum in amount of its total net unsecured liabilities as shown by the books of the bank, acting pursuant to section two hundred seven of the bank conservation act, have waived and released to the bank a certain percentage of their deposits and/or other claims, the town board of a town having municipal funds deposited in such bank, upon determining by majority vote that it is for the best interest of the town, may authorize the supervisor of such town to execute a waiver and/or release, similar in form to those executed by such other depositors, by which it shall waive and/or release unto such bank a like percentage in amount of its net unsecured claim against the bank as shall have been theretofore waived and/or released by the other depositors and/or creditors representing at least sixty per centum in amount of its total net unsecured liabilities, as aforesaid. The certificate of the conservator or other public official in charge of such bank to the effect that waivers and/or releases have been so executed to the amount of sixty per centum of the total net unsecured liabilities of such bank, shall constitute the necessary condition precedent to such action by the town board of the town. Neither the supervisor nor any member of a town board shall be liable to the town for any authorization given or release or waiver executed pursuant to the provisions of this section. * NB Effective until June 30, 2027; then becomes § 64-a

Source: Section 64-B — Powers of town with respect to municipal deposits in national banks in liquidation, https://www.nysenate.gov/legislation/laws/TWN/64-B (updated Jul. 4, 2025; accessed Sep. 13, 2025).

60
Town board constituted 60–A
Removal of town justices from town board 61
Commissions abolished 62
Meetings of town board 63
Presiding officer and rules of procedure 64
General powers of town boards 64–A
Payment in lieu of taxes for property acquired for park or recreational purposes 64–B
Powers of town with respect to municipal deposits in national banks in liquidation 64–C
Payment in lieu of taxes for property acquired for park and recreational purposes 64–D
Payment in lieu of taxes for property acquired for open space purposes 64–E
Peconic Bay region community preservation funds 64–EE
Peconic Bay region septic system replacement loan program 64–F
Town of Brookhaven community preservation fund 64–G
Town of Warwick preservation funds 64–H
Town of Red Hook preservation funds 64–I
Town of Chatham preservation funds 64–I*2
Town of Fishkill preservation funds 64–J
Town of Northeast preservation funds 64–K
Peconic Bay region community housing fund 65
Actions and proceedings by and against towns 65–A
Liability of towns and town superintendents of highways in certain actions 66
Place of trial of actions and proceedings against towns 67
Presentation of claims for torts: actions against towns 68
Compromise of actions, proceedings or claims 69
Duties of town board with respect to justice courts

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N.Y. Town Law Section 64-B Powers of town with respect to municipal deposits in national banks in liquidation

N.Y. Town Law Section 64-B
Powers of town with respect to municipal deposits in national banks in liquidation