2015 New York Laws
BNK - Banking
Article 11-A - (Banking) CREDIT UNION INSURANCE FUND
490-F - Powers of superintendent to obtain payment from fund.

  490-f. Powers of superintendent to obtain payment from fund. In any
  case where the superintendent has taken possession of any party  to  the
  agreement  and has been engaged in the liquidation thereof for one year,
  he may demand of the trustee or trustees payment to him from the fund of
  such sum as shall be necessary to  enable  him  to  pay  a  dividend  on
  account  of  insured  shares  which  taken  together  with any dividends
  previously paid on account thereof will equal fifty per  centum  of  the
  established  insured claim of shareholders. At the end of two years from
  the date upon which the superintendent took possession of any such party
  to the agreement he may demand of the trustee or trustees payment to him
  from the fund of such additional sum as shall be necessary to enable him
  to pay a dividend on account of insured shares which taken together with
  dividends previously paid on account thereof  shall  equal  seventy-five
  per  centum  of  such established insured claims of shareholders. At the
  end of three years from the date  upon  which  the  superintendent  took
  possession of any party to the agreement he may demand of the trustee or
  trustees payment to him from the fund of such additional sum as shall be
  necessary  to  enable  him to pay the unpaid balance of such established
  insured  claims  of  shareholders.  Any   payments   demanded   by   the
  superintendent  shall  be  paid  to  him from the fund by the trustee or
  trustees within thirty days of the date of such demand. Any sum realized
  by the superintendent from the liquidation of any party to the agreement
  after shareholders have been paid in full, shall be paid by him  to  the
  trustee  or  trustees  of the fund to the extent of the aggregate of the
  sums paid by the trustee or trustees to  the  superintendent  under  the
  provisions of this section.