N.Y. Banking Law § 445: Preference of credits

§ 445. Preference of credits. In case of the insolvency or voluntary

or involuntary liquidation of any bank, trust company or savings and

loan association, its assets shall be applied in the first place ratably

and proportionately to the payment in full of any sum or sums of money

deposited therewith by the savings and loan bank or due to the savings

and loan bank for subscriptions, sinking funds, interest and principal

of bonds, or guaranty of mortgages, notes secured or unsecured or any

other obligations due to the savings and loan bank, but not to an amount

exceeding that authorized to be so deposited or contracted by the

provisions of this chapter, and in accordance and on an equality with

any other preference provided for in this chapter.