New York § 630 Claims of shareholders and members of credit unions and savings and loan associations

New York Statutes

§ 630 — Claims of shareholders and members of credit unions and savings and loan associations

New York § 630

Law BNKBanking

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

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Bluebook

N.Y. Banking § 630 (2026).

Text

  § 630. Claims of shareholders and members of credit unions and savings\nand loan associations. For the purposes of sections six hundred six to\nsix hundred thirty-one, both inclusive, of this chapter, the terms\n"depositors" and "creditors" shall be deemed to include shareholders or\nmembers of a credit union or savings and loan association, and the terms\n"claims, " "accounts payable, " "deposits" and "deposit accounts" shall\nbe deemed to include the liability of a credit union or savings and loan\nassociation to such shareholders or members, provided, however, that\nnothing contained in this section shall in any way affect any priority\nover such shareholders or members to which any general creditor of a\ncredit union or savings and loan association would be entitled in the\nabsence o

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§ 630. Claims of shareholders and members of credit unions and savings\nand loan associations. For the purposes of sections six hundred six to\nsix hundred thirty-one, both inclusive, of this chapter, the terms\n"depositors" and "creditors" shall be deemed to include shareholders or\nmembers of a credit union or savings and loan association, and the terms\n"claims, " "accounts payable, " "deposits" and "deposit accounts" shall\nbe deemed to include the liability of a credit union or savings and loan\nassociation to such shareholders or members, provided, however, that\nnothing contained in this section shall in any way affect any priority\nover such shareholders or members to which any general creditor of a\ncredit union or savings and loan association would be entitled in the\nabsence of this section, and provided further that the provisions of\nsubdivision two of section six hundred twenty of this chapter shall not\napply to the claims of creditors entitled to such priority.\n