2014 New York Laws
BNK - Banking
Article 13-A - (635 - 639) LICENSEES: SUPERINTENDENT'S TAKING POSSESSION: CONSERVATION: LIQUIDATION
637 - Powers of superintendent in possession; application for receiver.

 637.   Powers  of  superintendent  in  possession;  application  for
  receiver. 1.  When  the  superintendent  has  taken  possession  of  the
  business  and  property  of  a licensee, he shall liquidate or otherwise
  deal with such business and property in accordance with  the  provisions
  of  article  thirteen  of  this  chapter  applicable  to the possession,
  liquidation and conservation of the business and property of  a  banking
  organization.
2.  Whenever  the  superintendent has taken possession of the business
  and property of a licensee, he may, in  his  discretion,  apply  to  the
  supreme  court  in  the  judicial  district  in  which  such  licensee's
  principal office is  located  for  the  appointment  of  a  receiver  to
  liquidate  or  otherwise  deal  with  the  affairs  of the licensee. Any
  receiver which accepts such appointment may act without  bond  or  other
  security  as  to  such  appointment  and shall have and possess, and may
  exercise, all the rights, powers and privileges provided by this article
  to the superintendent or by the laws of this state to the superintendent
  in his capacity as, or to any other, receiver or liquidator of a banking
  organization.