§ 618-a. Repudiation of contracts. 1. Except as otherwise provided in\nthis section, when the superintendent has taken possession of the\nbusiness and property in this state of a banking organization, unless\nthe federal regulator or insurer is appointed as receiver or liquidator,\nthe superintendent may assume or repudiate any contract, including an\nunexpired lease, of the banking organization: (a) to which such banking\norganization is a party, (b) the performance of which the\nsuperintendent, in the superintendent's discretion, determines to be\nburdensome, and (c) the repudiation of which the superintendent\ndetermines, in the superintendent's discretion, will promote the orderly\nadministration of the banking organization's affairs. After the\nexpiration of ninety days from the date that the superintendent takes\npossession of the banking organization, any party to a contract with the\nbanking organization being liquidated may demand in writing that the\nsuperintendent assume or repudiate such contract. If the superintendent\nhas not assumed or repudiated the contract within fifteen calendar days\nfrom the date of receipt of the demand by the superintendent, the\naffected party may bring an action in the supreme court in the judicial\ndistrict in which the principal office of the banking organization is\nlocated to obtain an order requiring the superintendent to decide\nwhether to assume or repudiate that contract. If the superintendent has\nnot assumed or repudiated a contract by one month before the last date\nfor filing claims against the banking organization being liquidated\npursuant to section six hundred twenty of this article, such contract\nshall be deemed repudiated. Notwithstanding the foregoing, with respect\nto an unexpired lease of the banking organization for the rental of real\nproperty under which the banking organization was a lessee, if the\nsuperintendent remains in possession of the leasehold, the\nsuperintendent shall not be required to assume or repudiate such lease\nand may continue in possession of such leasehold for the remainder of\nthe term of the lease in accordance with the terms of the lease;\nprovided, however, that should the superintendent later repudiate the\nlease before the end of the lease term, any amounts that may be due the\nlessor due to such repudiation shall be calculated according to the\nprovisions of paragraph (a) of subdivision three of this section.\nNotwithstanding any other provision contained in this subdivision, in\nliquidating a branch or agency of a foreign banking corporation, the\nsuperintendent shall not assume or repudiate any qualified financial\ncontract that the branch or agency entered into which is subject to a\nmulti-branch netting agreement or arrangement that provides for netting\npresent or future payment obligations or payment entitlements (including\ntermination or close-out values relating to the obligations or\nentitlements) among the parties to the contract and agreement or\narrangement and the superintendent shall not be required to assume or\nrepudiate any other qualified financial contract that the branch or\nagency entered into; provided, however, that upon any repudiation of any\nqualified financial contract or the termination or liquidation of any\nqualified financial contract in accordance with its terms, the liability\nof the superintendent under such qualified financial contract shall be\ndetermined in accordance with subdivision two of this section.\n 2. (a) Except as otherwise provided in this section, upon the\nrepudiation or termination of any contract pursuant to subdivision one\nof this section, the liability of the superintendent shall be limited to\nthe actual direct compensatory damages of the parties to the contract,\ndetermined as of the date the superintendent took possession of the\nbanking organization. The superintendent shall not be liable for any\nfuture wages other than severance payments (to the extent such payments\na
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