2023 New York Laws › BNK - Banking › Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation › 625 - Effect of Accepting Claims and Accounts; Limitation Upon Actions to Establish Claims and Accounts; Necessary Allegations; Effect of Judgment.

§ 625.  Effect  of  accepting  claims  and  accounts;  limitation upon
  actions to establish claims and accounts; necessary allegations;  effect
  of  judgment. 1. When the superintendent has accepted a duly filed claim
  and has  filed  such  claim  endorsed  "accepted"  in  his  office,  the
  claimant,  unless  priority  of payment has been duly demanded, and such
  claim is entitled by law to priority of payment, shall  be  entitled  to
  share  ratably  with  other general creditors in the distribution of the
  proceeds of the liquidation of the assets of such  banking  organization
  as  such  proceeds  are  distributed  pursuant  to  section  six hundred
  twenty-seven of this article, provided, however, that any accepted claim
  or claims for taxes owed to any taxing authority shall be paid in  full,
  to  the  extent  that  assets of the banking organization are available,
  prior to the payment of any other accepted claim. Where the claimant has
  duly demanded priority of payment, and such claim is entitled by law  to
  priority  of  payment,  the  receipt and acceptance of ratable dividends
  shall be without prejudice to the right to such priority of payment.
2. When the superintendent has accepted an account payable as shown by
  the books and records and as to which no claim has  been  presented  and
  included the same in the list filed in his office as provided in section
  six  hundred  twenty-four  of  this  article, the owner thereof shall be
  entitled  to  share  ratably  with  other  general  creditors   in   the
  distribution  of  the  proceeds of the liquidation of the assets of such
  banking organization  as  such  proceeds  are  distributed  pursuant  to
  section six hundred twenty-seven of this article.
3.  Within six months after the date that the superintendent files the
  list required by subdivision four of section six hundred twenty-four  of
  this  article  listing  the  claims  and  accounts  payable  accepted or
  rejected by the superintendent, a claimant whose  claim  has  been  duly
  filed  and  has  not  been accepted by the superintendent, or any person
  whose account payable as shown by the books and records, as to which  no
  claim  has  been presented, has not been accepted by the superintendent,
  may institute and  maintain  an  action  thereon  against  such  banking
  organization. Such action may be maintained only in the supreme court in
  the  judicial  district  in  which  the principal office of such banking
  organization was located.
4. No action shall be maintained  against  such  banking  organization
  while  the  superintendent  is in possession of its affairs and business
  unless brought  within  the  period  of  limitation  specified  in  this
  section.  In  all  actions  instituted against such banking organization
  while the superintendent is in possession of its property and  business,
  the  plaintiff shall be required to allege and prove that the claim upon
  which the action is instituted was duly filed and that  such  claim  has
  not  been  accepted,  or  in the case of an action upon an account as to
  which no claim has been presented the plaintiff  shall  be  required  to
  allege  and  prove that such account appeared upon the books and records
  and that such account has not been accepted.
5. If, in an action instituted in accordance with  this  section,  the
  court  should  determine  that  a  claim  or  account  rejected  by  the
  superintendent should be allowed, the judgment entered therein shall  so
  provide  and  shall  fix and determine the amount thereof as of the date
  the superintendent took possession. A claim or account whose status  and
  amount  have  been  so  fixed  shall have the same force and effect as a
  claim or account which  has  been  accepted  by  the  superintendent  in
  accordance  with  the  provisions  of section six hundred twenty-four of
  this article. Notwithstanding any other  provision  of  law,  the  court
  shall  not award interest, nor shall interest accrue, in any such action
  at a rate greater than the amount rate of interest,  if  any,  that  the
  superintendent  has  determined  is payable to other creditors; provided

  further that the court shall not  award  interest,  nor  shall  interest
  accrue,   except  from  the  date  from  which  the  superintendent  has
  determined to pay interest to creditors whose claims or accounts payable
  have been accepted or otherwise duly established to the date such claims
  or  accounts  are  paid;  provided,  however,  that the court may in its
  discretion award interest at a rate not to exceed the rate permitted  by
  section  six  hundred  twenty-seven of this article on any such judgment
  for the claimant in any such action for the period from  the  date  such
  claim  would  have  been  paid  had  it  been  accepted initially by the
  superintendent to the date such judgment is paid.