New York Laws
Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation
634 - Power to Appoint Regulator or Insurer as Receiver; Additional Powers.

§ 634. Power to appoint regulator or insurer as receiver; additional
powers. Notwithstanding anything to the contrary in this chapter, the
superintendent may, in his or her sole discretion, and upon such terms
and conditions as the superintendent may approve, appoint as receiver or
liquidator of any banking organization or branch or agency of a foreign
banking corporation, the business and property of which the
superintendent has taken or is entitled to take possession, the Office
of the Comptroller of the Currency, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, the successor or
assignee of any of the foregoing, or such other regulator, or insurer of
deposits or shares as may be empowered by federal law to receive such
appointment. Any regulator or insurer which accepts such appointment may
act without bond or other security as to such appointment and shall have
and possess, and may exercise, all the rights, powers and privileges
provided by the laws of this state to the superintendent in his or her
capacity as, or to any other, receiver or liquidator of a banking
organization or branch or agency of a foreign banking corporation. Upon
the payment to any depositor or shareholder of a banking organization or
branch or agency of a foreign banking corporation, the regulator or
insurer shall be subrogated to all the rights of such depositor or
shareholder to the extent of such payment.

In addition to such other powers as he or she may possess under law,
the superintendent, or any regulator or insurer which accepts
appointment in accordance with the provisions of this section, may,
without obtaining the approval of stockholders, shareholders or any
court, sell, transfer, assign, consolidate or otherwise dispose of all
or any part of the assets, real and personal, including fiduciary
relationships, of the banking organization, or branch or agency of the
foreign banking corporation, to another banking organization, national
bank, branch or agency of a foreign banking corporation, federal savings
bank, federal savings and loan association or federal credit union or to
such regulator or insurer, its successor or assignee, on such terms as
may be determined to be in the best interests of depositors,
shareholders and other creditors. In connection therewith the
superintendent may, in addition, and without obtaining court approval,
borrow from such regulator or insurer any amount necessary to facilitate
the assumption of deposit liabilities by any other banking institution
and assign any part or all of the assets of a banking organization or
branch or agency of a foreign banking corporation as security for such
loan.

Structure New York Laws