N.Y. Banking Law § 30: Unclaimed amounts; deposit by superintendent in trust; preference; release of debtor

§ 30. 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.