N.Y. Banking Law § 490-f: Powers of superintendent to obtain payment from fund

§ 490-f. Powers of superintendent to obtain payment from fund. In any

case where the superintendent has taken possession of any party to the

agreement and has been engaged in the liquidation thereof for one year,

he may demand of the trustee or trustees payment to him from the fund of

such sum as shall be necessary to enable him to pay a dividend on

account of insured shares which taken together with any dividends

previously paid on account thereof will equal fifty per centum of the

established insured claim of shareholders. At the end of two years from

the date upon which the superintendent took possession of any such party

to the agreement he may demand of the trustee or trustees payment to him

from the fund of such additional sum as shall be necessary to enable him

to pay a dividend on account of insured shares which taken together with

dividends previously paid on account thereof shall equal seventy-five

per centum of such established insured claims of shareholders. At the

end of three years from the date upon which the superintendent took

possession of any party to the agreement he may demand of the trustee or

trustees payment to him from the fund of such additional sum as shall be

necessary to enable him to pay the unpaid balance of such established

insured claims of shareholders. Any payments demanded by the

superintendent shall be paid to him from the fund by the trustee or

trustees within thirty days of the date of such demand. Any sum realized

by the superintendent from the liquidation of any party to the agreement

after shareholders have been paid in full, shall be paid by him to the

trustee or trustees of the fund to the extent of the aggregate of the

sums paid by the trustee or trustees to the superintendent under the

provisions of this section.