N.Y. ISC Law § 7424
This is the official text of N.Y. ISC Law § 7424, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Deposit of monies collected; preference
Official statutory text
§ 7424. Deposit of monies collected; preference. Monies collected by\nthe superintendent in a proceeding under this article shall be deposited\nin one or more state or national banks, savings banks, or trust\ncompanies. In the case of insolvency or voluntary or involuntary\nliquidation of any such depositary organized and supervised under the\nlaws of this state, such deposits shall be entitled to priority of\npayment on an equality with any other priority given by the banking law\nof this state. The superintendent may in his discretion deposit such\nmonies or any part thereof in a national bank or trust company as a\ntrust fund.\n
Status: in_force · Read it on the official government site
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