§ 655 — Maximum amount of insurance

New York § 655

• Jurisdiction: New York
• Law BNK: Banking
• Art. 13-C: State Transmitter of Money Insurance Fund

Text

§ 655. Maximum amount of insurance. 1. Subject to the provisions of\nsubdivisions two and three of this section, the maximum amount of\ninsurance that any claimant shall be entitled to shall be determined by\nthe superintendent after taking into account the amount of claims, the\namount of the fund, including the authority of the fund to make\nassessments pursuant to section six hundred fifty-seven of this article,\nand any claim for recovery which the fund would have pursuant to the\nprovisions of section six hundred forty-three of this chapter.\n 2. No insurance shall be paid on any New York instrument payable for\nan amount in excess of one thousand dollars, other than those New York\ninstruments issued for the purpose of paying utility bills.\n 3. The maximum amount of insurance which any claimant shall be\nentitled to shall be determined as follows:\n a. If the claimant is a purchaser, the maximum amount of insurance\nwhich such purchaser shall be entitled to on all insured New York\ninstruments purchased by said purchaser shall be five thousand dollars.\n b. If the claimant is a holder, the maximum amount of insurance which\nsuch holder shall be entitled to shall be the aggregate of the amounts\nwhich would have been due to the purchasers of the insured New York\ninstruments held by the holder, had the instruments remained in the\npossession of the purchasers, rather than the holder.\n