N.Y. BNK Law § 624 — New York Code / Act BNK / Article 13 / Section 624
Acceptance and rejection of claims and accounts; filing of list thereof; secured claims and accounts; determination of priorities
Status: in_force

§ 624. Acceptance and rejection of claims and accounts; filing of list\nthereof; secured claims and accounts; determination of priorities. 1.\nThe superintendent shall, not later than sixty days after the time has\nexpired to file objections to claims duly presented, accept or reject,\nin whole or in part, every duly filed claim except claims as to which\nobjections are still pending undetermined by the court and accept or\nreject, in whole or in part, every account payable as shown by the books\nand records and as to which no claim has been presented except accounts\nas to which objections are still pending undetermined by the court.\nWhenever the superintendent accepts a portion of a claim or account and\nrejects the remainder, the portion accepted and the portion rejected\nshall, for the purposes of this article, each be deemed separate claims\nor accounts as the case may be.\n  2. No claim or account of any secured claimant or creditor shall be\naccepted at a sum greater than the difference between the value of the\nclaim or account without security and the value of the security itself\nas of the commencement of the liquidation, unless the claimant or\ncreditor shall, prior to the expiration of the time fixed by the\nsuperintendent for the presentation of claims, surrender his security to\nthe superintendent, in which event the claim or account may be accepted\nin the full amount for which it is valued.\n  3. Every claim or account payable accepted by the superintendent shall\nbe endorsed "accepted" and filed so endorsed in his office. If the\nsuperintendent is unable, from the books, accounts or records of the\nbanking organization, to determine the ownership of a claim or account\npayable or if for any other reason he doubts the justice or validity of\nany claim or account payable, he shall reject such claim or account\npayable and shall endorse the same "rejected" and file it as so endorsed\nin his office.  He shall cause notice of such acceptance or rejection to\nbe mailed within fourteen calendar days after the superintendent has\naccepted or rejected all claims duly filed. Where a proof of claim has\nbeen filed, such notice need be mailed only to the address appearing\nthereon, and where no proof of claim has been filed, only to the address\nappearing upon the books of the banking organization. Where, however,\nthe superintendent is unable from the proof of claim or the books and\nrecords of the banking organization to identify a name or address, such\nnotice of rejection need not be given.\n  4. Within thirty days after the superintendent has accepted or\nrejected all claims duly filed, and all accounts payable as shown by the\nbooks and records as to which no claims have been presented, he shall\nmake a list of all such claims and accounts accepted or rejected by him\nand file one copy thereof in his office and one copy with the supreme\ncourt in the judicial district in which the principal office of such\nbanking organization is located.\n  5. The superintendent shall not determine priorities, in accepting or\nrejecting claims and the acceptance by the superintendent of a claim in\nwhich priority of payment is demanded shall not entitle the claimant to\npriority. Accepted claims in which priority of payment is duly demanded\nshall be presented to the supreme court on notice to the claimant for\ndetermination as to their priority of payment. All claims entitled to\npriority of payment shall be paid ratably and proportionately.\n