2010 New York Code
BNK - Banking
Article 13 - (600 - 634) MERGER; VOLUNTARY DISSOLUTION; SUPERINTENDENT'S TAKING POSSESSION; REORGANIZATION; LIQUIDATION
629 - Payment of dividends to minors, trustees or joint depositors; payment of dividends where adverse claim is asserted; interpleader in certain actions.

§ 629.  Payment  of dividends to minors, trustees or joint depositors;
  payment of dividends where adverse claim is  asserted;  interpleader  in
  certain  actions.  1. Where a claim or an account payable in the name of
  any minor has been accepted by  the  superintendent,  dividends  thereon
  shall be paid to such minor and the receipt or acquittance of such minor
  shall   be   a  valid  and  sufficient  release  and  discharge  to  the
  superintendent.
    5. Notice to the superintendent of an adverse interest in a  claim  or
  account  payable  accepted  by  the  superintendent to the credit of any
  person shall not be effectual to cause the superintendent  to  recognize
  said  adverse  claimant  unless  said adverse claimant shall also either
  procure a restraining order, injunction  or  other  appropriate  process
  against  said superintendent from a court of competent jurisdiction in a
  cause therein instituted by him wherein the person to whose credit  said
  claim  or  account payable was accepted or his executor or administrator
  is made a party and served  with  summons,  or  shall  execute  to  said
  superintendent,  in  form  and  with sureties acceptable to him, a bond,
  indemnifying the  superintendent  from  any  and  all  liability,  loss,
  damage,  costs  and  expenses,  for  and  on  account  of the payment of
  dividends to such adverse claimant.
    6. (a) In all actions or proceedings  against  the  superintendent  to
  recover  dividends  on  claims or accounts payable accepted, if there be
  any person or persons, not parties to the action, who  claim  the  fund,
  the  court  in  which  the  action or proceeding is pending, may, on the
  motion of the superintendent, make an  order  amending  the  proceedings
  making  such  claimants  parties thereto; and the court shall thereafter
  proceed to determine the rights and interests of the several parties  to
  such  funds. The remedy provided in this section shall be in addition to
  and not exclusive of that provided in any other interpleader provision.
    (b) The dividends which are the subject of such an action  may  remain
  with the superintendent to the credit of the action until final judgment
  therein  and shall not be entitled to interest, and shall be paid by the
  superintendent in accordance with the final judgment of  the  court;  or
  the  dividends  in controversy may be paid into court to await the final
  determination of the action and when the dividend or  dividends  are  so
  paid  into  court the superintendent shall be stricken out as a party to
  the action and his liability shall cease.
    (c) The costs in all actions against  the  superintendent  to  recover
  dividends  shall  be  in the discretion of the court, and may be charged
  upon the fund affected by the action.
    7. In case the  superintendent  is  in  doubt  concerning  the  person
  entitled  to  receive  payment of any dividend, or there are conflicting
  claims thereto, he may require of the claimant an order of  the  supreme
  court authorizing and directing the payment thereof, but for any payment
  made  by  him  in good faith, by check or order, payable to the claimant
  appearing from the records in his office  to  be  entitled  thereto,  he
  shall  be  held  harmless  and  shall  not  be  liable to any subsequent
  claimant.