NY Banking L § 627 (2021)
2021 New York Laws BNK - Banking Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation 627 - Dividends to Creditors; Distributions to Stockholders; Dissolution; Destruction of Documents.

§ 627.   Dividends   to   creditors;  distributions  to  stockholders;   dissolution; destruction of documents. 1. At any  time  after  the  date   fixed  by  the  superintendent  for  the  presentation  of  claims,  the   superintendent may, upon an order of the supreme court, declare and  pay   out  of  the  funds  remaining  in his or her hands after the payment of   expenses, one or more dividends to creditors whose  claims  or  accounts   payable  have  been  accepted  or  otherwise  duly  established.  If the   superintendent intends to declare and pay  more  than  one  dividend  to   creditors,  at  the  time  he  or  she  declares and pays out such first   dividend to creditors, the superintendent may pay in full  those  claims   and  accounts payable that were accepted, or otherwise duly established,   in an amount that is less than one hundred dollars;  provided,  however,   that  this  sentence  shall  not  be construed as a right to priority of   payment; and provided further, that if the superintendent  will  not  be   able  to  satisfy  in  full  all other creditors with accepted claims or   accounts payable either in the first or succeeding dividends, then  such   payment  may  not be made. After a dividend or dividends aggregating one   hundred per centum of the  principal  amount  of  all  such  claims  and   accounts  payable  shall  have  been paid or set apart, and if funds are   available therefor, a  further  dividend  or  dividends  on  account  of   interest  accruing,  on  such claims and accounts payable, subsequent to   the commencement of the liquidation may, at the sole discretion  of  the   superintendent,  be paid to the creditors entitled thereto at a rate not   to exceed four per centum per annum, but nothing herein shall be  deemed   to  create  any right to interest which would not otherwise accrue or be   payable. No creditor shall be entitled to receive nor be  paid  interest   on  any  dividend  or  dividends  by  reason of delay in payment of such   dividend or dividends. Dividends remaining unclaimed or  unpaid  in  the   hands  of  the  superintendent  for  six months after payment of a final   dividend, shall be deposited as provided in article two of this  chapter   except  that  if,  after  payment of such a dividend, the liquidation is   continued in accordance with the provisions of subdivision two  of  this   section,  then  such dividends shall be so deposited simultaneously with   the like deposit of unclaimed or unpaid distributive amounts pursuant to   the provisions of such subdivision at the expiration of six months after   a final distribution.2. Whenever the superintendent shall have (a) paid to,  or  set  apart   for,  each  creditor  of  any  stock  corporation whose claim or account   payable has been accepted or otherwise duly established, a  dividend  or   dividends  aggregating  the full amount of such claim or account payable   together with interest thereon, and (b) set aside  proper  reserves  for   claims and accounts payable in litigation and not finally determined and   for such other purposes as in the discretion of the superintendent shall   be necessary or desirable, and (c) paid all the expenses of liquidation,   the  superintendent  shall,  if  there be assets remaining in his or her   hands, continue the liquidation of the affairs of such  corporation  and   after  paying  the  expenses  thereof, distribute the proceeds, together   with any part of the foregoing reserves not  finally  necessary  to  pay   creditors  and  expenses  in  full, among the persons equitably entitled   thereto according to their respective rights and interests and  in  such   manner  and  upon such notice as may be directed by order of the supreme   court. Any such distributive amounts remaining unpaid  or  unclaimed  in   the   hands   of  the  superintendent  for  six  months  after  a  final   distribution shall be deposited by the  superintendent  as  provided  in   article two of this chapter.3.   Upon   the  petition  by  the  superintendent  showing  that  the   liquidation of a corporate banking organization of which  he  has  taken   possession  has been completed and upon such notice as the supreme court    may prescribe, the court may, on such terms as justice requires, make an   order declaring such corporation dissolved and the  corporate  existence   thereof terminated. Upon the filing of a certified copy of such order in   the  office  of  the  superintendent,  the existence of such corporation   shall cease and determine.4.  Any  records,  documents  and  correspondence   of   any   banking   organization  of  which  the superintendent has taken possession and any   records,  documents  and  correspondence   in   the   custody   of   the   superintendent  relating to the liquidation of such banking organization   may be destroyed or otherwise disposed of at such time or times  and  in   such manner as the supreme court by order may authorize.