2006 New York Code - Unclaimed Amounts; Deposit By Superintendent In Trust; Preference; Release Of Debtor.

 
    § 30.   Unclaimed   amounts;   deposit  by  superintendent  in  trust;
  preference; release of debtor. 1. After the completion of the  voluntary
  or  involuntary  liquidation of the business and property of any banking
  organization or of the business  and  property  in  this  state  of  any
  foreign  banking  corporation,  the  superintendent may take and hold as
  trustee for the owners thereof any  amounts  which  remain  due  to  and
  unclaimed  by  any creditor, depositor, stockholder, shareholder, bailor
  or depositor of property for hire or otherwise, or lessee of  any  safe,
  vault  or  box. Whenever such amounts are received by the superintendent
  and he is not in possession of the business and property of such banking
  organization or corporation, he shall give his receipt for such  amounts
  and  shall forthwith deposit them in one or more banks, trust companies,
  or savings banks, to the credit of the superintendent of banks in  trust
  for the persons entitled thereto. In a liquidation by the superintendent
  he  shall  deposit  such amounts in like manner at the times provided in
  article thirteen of this chapter.
    2. All such deposits  by  the  superintendent  shall  be  entitled  to
  priority   of  payment  in  case  of  the  insolvency  or  voluntary  or
  involuntary liquidation of the depositary on an equality with any  other
  priority given by this chapter.
    3.  The  superintendent shall before the close of each fiscal year pay
  into the state treasury all interest received by him on  such  unclaimed
  amounts since the last such payment.
    4.  Any  banking  organization  or  foreign  banking  corporation with
  respect to which the superintendent has received  unclaimed  amounts  as
  trustee  for  the  owners  thereof  pursuant  to  the provisions of this
  section shall, from  and  after  the  date  when  such  amounts  are  so
  received,  be  relieved and held harmless from any and all liability for
  any claim or claims which exist  at  such  time  with  respect  to  such
  unclaimed  amounts,  or  which  may  thereafter be made or may come into
  existence on account of or in respect of any such unclaimed amounts, and
  no action shall be  maintained  against  such  banking  organization  or
  corporation   or   any  officer,  partner,  agent,  employee,  attorney,
  shareholder  or  stockholder  thereof  for  the  recovery  of  any  such
  unclaimed  amounts,  or  for  interest thereon subsequent to the date of
  receipt by the superintendent or for damages alleged  to  have  resulted
  from the payment thereof to the superintendent.