New York § 7424 Deposit of monies collected; preference

New York Statutes

§ 7424 — Deposit of monies collected; preference

New York § 7424

Law ISCInsurance

Art. 74Rehabilitation, Liquidation, Conservation and Dissolution of Insurers

This text of New York § 7424 (Deposit of monies collected; preference) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 7424 (2026).

Text

  § 7424. Deposit of monies collected; preference. Monies collected by\nthe superintendent in a proceeding under this article shall be deposited\nin one or more state or national banks, savings banks, or trust\ncompanies. In the case of insolvency or voluntary or involuntary\nliquidation of any such depositary organized and supervised under the\nlaws of this state, such deposits shall be entitled to priority of\npayment on an equality with any other priority given by the banking law\nof this state. The superintendent may in his discretion deposit such\nmonies or any part thereof in a national bank or trust company as a\ntrust fund.\n

Free access — add to your briefcase to read the full text and ask questions with AI

§ 7424. Deposit of monies collected; preference. Monies collected by\nthe superintendent in a proceeding under this article shall be deposited\nin one or more state or national banks, savings banks, or trust\ncompanies. In the case of insolvency or voluntary or involuntary\nliquidation of any such depositary organized and supervised under the\nlaws of this state, such deposits shall be entitled to priority of\npayment on an equality with any other priority given by the banking law\nof this state. The superintendent may in his discretion deposit such\nmonies or any part thereof in a national bank or trust company as a\ntrust fund.\n