N.Y. BNK Law § 615

§ 615. On taking possession, superintendent shall notify those holding\nassets; effect of notification; turnover of assets and payment of debts\nowed to the banking organization. When the superintendent shall take\npossession of the property and business of any banking organization:\n 1. The superintendent shall forthwith give notice of such fact to all\ncorporations, unincorporated associations, partnerships, governmental\nentities and other entities and individuals known to him to hold any\nassets of such banking organization. No corporation, unincorporated\nassociation, partnership, governmental entity or other entity or\nindividual having notice or knowledge that the superintendent has taken\npossession of such banking organization, shall have a lien or charge for\nany payment, advance or clearance thereafter made against any of the\nassets of such banking organization for liability thereafter incurred.\n 2. Upon the written demand of the superintendent, any corporation,\nunincorporated association, partnership, governmental entity or other\nentity or individual holding assets of such banking organization shall\ndeliver such assets to the superintendent and shall thereupon be\ndischarged from liability with respect to any claim upon such assets;\nprovided, however that such demand shall not affect the right of a\nsecured creditor with a perfected security interest, or other valid lien\nor security interest enforceable against third parties, to retain\ncollateral, including any right of such secured creditor under any\nsecurity arrangement related to a qualified financial contract, as\ndefined in section six hundred eighteen-a of this article to retain\ncollateral and apply such collateral in accordance with paragraph (d) of\nsubdivision two of section six hundred eighteen-a of this article.\nNothing in this section shall affect any right of setoff permitted under\napplicable law; provided, however, that in connection with the\nliquidation of a branch or agency of a foreign banking corporation\npursuant to this article, no entity or individual may set off the\nbusiness and property in this state of such foreign banking corporation\ndescribed in subparagraph one of paragraph (c) of subdivision four of\nsection six hundred six of this article against liabilities of such\nforeign banking corporation other than those that arise out of\ntransactions had by such entity or individual with such branch or agency\n(which liabilities shall be deemed to include in the case of qualified\nfinancial contracts the lesser of the two amounts calculated with\nrespect to any such qualified financial contract pursuant to paragraph\n(c) of subdivision two of section six hundred eighteen-a of this\narticle) and provided that such setoff is otherwise permissible under\napplicable law.\n