§ 634 — Power to appoint regulator or insurer as receiver; additional powers

New York § 634

• Jurisdiction: New York
• Law BNK: Banking
• Art. 13: Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation

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§ 634. Power to appoint regulator or insurer as receiver; additional\npowers. Notwithstanding anything to the contrary in this chapter, the\nsuperintendent may, in his or her sole discretion, and upon such terms\nand conditions as the superintendent may approve, appoint as receiver or\nliquidator of any banking organization or branch or agency of a foreign\nbanking corporation, the business and property of which the\nsuperintendent has taken or is entitled to take possession, the Office\nof the Comptroller of the Currency, the Federal Deposit Insurance\nCorporation, the National Credit Union Administration, the successor or\nassignee of any of the foregoing, or such other regulator, or insurer of\ndeposits or shares as may be empowered by federal law to receive such\nappointment. Any regulator or insurer which accepts such appointment may\nact without bond or other security as to such appointment and shall have\nand possess, and may exercise, all the rights, powers and privileges\nprovided by the laws of this state to the superintendent in his or her\ncapacity as, or to any other, receiver or liquidator of a banking\norganization or branch or agency of a foreign banking corporation. Upon\nthe payment to any depositor or shareholder of a banking organization or\nbranch or agency of a foreign banking corporation, the regulator or\ninsurer shall be subrogated to all the rights of such depositor or\nshareholder to the extent of such payment.\n In addition to such other powers as he or she may possess under law,\nthe superintendent, or any regulator or insurer which accepts\nappointment in accordance with the provisions of this section, may,\nwithout obtaining the approval of stockholders, shareholders or any\ncourt, sell, transfer, assign, consolidate or otherwise dispose of all\nor any part of the assets, real and personal, including fiduciary\nrelationships, of the banking organization, or branch or agency of the\nforeign banking corporation, to another banking organization, national\nbank, branch or agency of a foreign banking corporation, federal savings\nbank, federal savings and loan association or federal credit union or to\nsuch regulator or insurer, its successor or assignee, on such terms as\nmay be determined to be in the best interests of depositors,\nshareholders and other creditors. In connection therewith the\nsuperintendent may, in addition, and without obtaining court approval,\nborrow from such regulator or insurer any amount necessary to facilitate\nthe assumption of deposit liabilities by any other banking institution\nand assign any part or all of the assets of a banking organization or\nbranch or agency of a foreign banking corporation as security for such\nloan.\n