New York § 628 Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation

New York Statutes

§ 628 — Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation

New York § 628

Law BNKBanking

Art. 13Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation

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Bluebook

N.Y. Banking § 628 (2026).

Text

  § 628. Payment of dividends when deposits have been made available by\nFederal Deposit Insurance Corporation. When the superintendent shall\nhave taken possession of any banking organization for the purpose of\nliquidation, and Federal Deposit Insurance Corporation shall have made\navailable to the depositors thereof the amounts of their respective\ndeposits insured by such corporation, he shall be authorized, without\nrequiring assignments from depositors, to pay to such corporation such\ndividends on account of such insured deposits as such depositors would\nbe entitled to receive had their deposits not been made available to\nthem by such corporation.\n

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§ 628. Payment of dividends when deposits have been made available by\nFederal Deposit Insurance Corporation. When the superintendent shall\nhave taken possession of any banking organization for the purpose of\nliquidation, and Federal Deposit Insurance Corporation shall have made\navailable to the depositors thereof the amounts of their respective\ndeposits insured by such corporation, he shall be authorized, without\nrequiring assignments from depositors, to pay to such corporation such\ndividends on account of such insured deposits as such depositors would\nbe entitled to receive had their deposits not been made available to\nthem by such corporation.\n