1. The Laws of New York
  2. Consolidated Laws
  3. Banking
  4. Article 2: Department of Financial Services; Superintendent of Financial Services; Supervisory and Regulatory Powers


Section 30 Unclaimed amounts; deposit by superintendent in trust; preference; release of debtor

Banking (BNK)

Unclaimed amounts; deposit by superintendent in trust; preference; release of debtor. 1. After the completion of the voluntary or involuntary liquidation of the business and property of any banking organization or of the business and property in this state of any foreign banking corporation, the superintendent may take and hold as trustee for the owners thereof any amounts which remain due to and unclaimed by any creditor, depositor, stockholder, shareholder, bailor or depositor of property for hire or otherwise, or lessee of any safe, vault or box. Whenever such amounts are received by the superintendent and he is not in possession of the business and property of such banking organization or corporation, he shall give his receipt for such amounts and shall forthwith deposit them in one or more banks, trust companies, or savings banks, to the credit of the superintendent of financial services in trust for the persons entitled thereto. In a liquidation by the superintendent he shall deposit such amounts in like manner at the times provided in article thirteen of this chapter.

  2. All such deposits by the superintendent shall be entitled to priority of payment in case of the insolvency or voluntary or involuntary liquidation of the depositary on an equality with any other priority given by this chapter.

  3. The superintendent shall before the close of each fiscal year pay into the state treasury all interest received by him on such unclaimed amounts since the last such payment.

  4. Any banking organization or foreign banking corporation with respect to which the superintendent has received unclaimed amounts as trustee for the owners thereof pursuant to the provisions of this section shall, from and after the date when such amounts are so received, be relieved and held harmless from any and all liability for any claim or claims which exist at such time with respect to such unclaimed amounts, or which may thereafter be made or may come into existence on account of or in respect of any such unclaimed amounts, and no action shall be maintained against such banking organization or corporation or any officer, partner, agent, employee, attorney, shareholder or stockholder thereof for the recovery of any such unclaimed amounts, or for interest thereon subsequent to the date of receipt by the superintendent or for damages alleged to have resulted from the payment thereof to the superintendent.