New York Laws
Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation
612-A - Payment of Wages.

§ 612-a. Payment of wages. All wages actually owing to the employees
of a banking organization in the possession of the superintendent for
services rendered within three months prior to the date when possession
was taken, not exceeding two thousand dollars to each employee, shall be
paid prior to the payment of every other debt or claim, and in the
discretion of the superintendent may be paid as soon as practicable
after taking possession, except that at all times the superintendent
shall reserve such funds as will in his opinion be sufficient for the
expenses of administration.

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