New York Laws
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.