New York Banking Code § 628

Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation
Open in Lexace · Ask the AI about this section
§ 628. Payment of dividends when deposits have been made available by\nFederal Deposit Insurance Corporation. When the superintendent shall\nhave taken possession of any banking organization for the purpose of\nliquidation, and Federal Deposit Insurance Corporation shall have made\navailable to the depositors thereof the amounts of their respective\ndeposits insured by such corporation, he shall be authorized, without\nrequiring assignments from depositors, to pay to such corporation such\ndividends on account of such insured deposits as such depositors would\nbe entitled to receive had their deposits not been made available to\nthem by such corporation.\n

‹ Prev All New York sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.