New York Laws
Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers
7424 - Deposit of Monies Collected; Preference.

§ 7424. Deposit of monies collected; preference. Monies collected by
the superintendent in a proceeding under this article shall be deposited
in one or more state or national banks, savings banks, or trust
companies. In the case of insolvency or voluntary or involuntary
liquidation of any such depositary organized and supervised under the
laws of this state, such deposits shall be entitled to priority of
payment on an equality with any other priority given by the banking law
of this state. The superintendent may in his discretion deposit such
monies or any part thereof in a national bank or trust company as a
trust fund.

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