2023 New York Laws › BNK - Banking › Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation › 624 - Acceptance and Rejection of Claims and Accounts; Filing of List Thereof; Secured Claims and Accounts; Determination of Priorities.

§ 624. Acceptance and rejection of claims and accounts; filing of list
  thereof;  secured  claims  and accounts; determination of priorities. 1.
  The superintendent shall, not later than sixty days after the  time  has
  expired  to  file objections to claims duly presented, accept or reject,
  in whole or in part, every duly filed claim except claims  as  to  which
  objections  are  still  pending  undetermined by the court and accept or
  reject, in whole or in part, every account payable as shown by the books
  and records and as to which no claim has been presented except  accounts
  as  to  which  objections  are  still pending undetermined by the court.
  Whenever the superintendent accepts a portion of a claim or account  and
  rejects  the  remainder,  the  portion accepted and the portion rejected
  shall, for the purposes of this article, each be deemed separate  claims
  or accounts as the case may be.
2.  No  claim  or account of any secured claimant or creditor shall be
  accepted at a sum greater than the difference between the value  of  the
  claim  or  account without security and the value of the security itself
  as of the commencement  of  the  liquidation,  unless  the  claimant  or
  creditor  shall,  prior  to  the  expiration  of  the  time fixed by the
  superintendent for the presentation of claims, surrender his security to
  the superintendent, in which event the claim or account may be  accepted
  in the full amount for which it is valued.
3. Every claim or account payable accepted by the superintendent shall
  be  endorsed  "accepted"  and  filed  so  endorsed in his office. If the
  superintendent is unable, from the books, accounts  or  records  of  the
  banking  organization,  to determine the ownership of a claim or account
  payable or if for any other reason he doubts the justice or validity  of
  any  claim  or  account  payable,  he shall reject such claim or account
  payable and shall endorse the same "rejected" and file it as so endorsed
  in his office.  He shall cause notice of such acceptance or rejection to
  be mailed within fourteen calendar days  after  the  superintendent  has
  accepted  or  rejected all claims duly filed. Where a proof of claim has
  been filed, such notice need be mailed only  to  the  address  appearing
  thereon, and where no proof of claim has been filed, only to the address
  appearing  upon  the  books of the banking organization. Where, however,
  the superintendent is unable from the proof of claim or  the  books  and
  records  of the banking organization to identify a name or address, such
  notice of rejection need not be given.
4. Within  thirty  days  after  the  superintendent  has  accepted  or
  rejected all claims duly filed, and all accounts payable as shown by the
  books  and  records  as to which no claims have been presented, he shall
  make a list of all such claims and accounts accepted or rejected by  him
  and  file  one  copy thereof in his office and one copy with the supreme
  court in the judicial district in which the  principal  office  of  such
  banking organization is located.
5.  The superintendent shall not determine priorities, in accepting or
  rejecting claims and the acceptance by the superintendent of a claim  in
  which  priority of payment is demanded shall not entitle the claimant to
  priority. Accepted claims in which priority of payment is duly  demanded
  shall  be  presented  to the supreme court on notice to the claimant for
  determination as to their priority of payment. All  claims  entitled  to
  priority of payment shall be paid ratably and proportionately.