N.Y. Banking Law § 620: Notice to creditors to make proof of claims; form of claims; claims for priority of payment

§ 620. Notice to creditors to make proof of claims; form of claims;

claims for priority of payment. 1. When the superintendent shall have

taken possession of any banking organization, and shall have determined

to liquidate its affairs, he or she shall notify all persons who may

have claims against such banking organization to present such claims to

him or her and make proper proof thereof within four months from the

date of such notice and at a place specified therein; provided, that (a)

if the superintendent finds that a shorter period than four months will

afford a reasonable time for presenting claims and making proof thereof,

he or she may specify such shorter period which shall in no event be

less than thirty days or (b) if the superintendent finds that a longer

period than four months is needed to afford a reasonable time for

presenting claims and making proof thereof, he or she may specify such

longer period which shall in no event be more than six months from the

date of such notice. In any event the superintendent shall specify in

such notice the last date for presenting claims and for making proof

thereof. The superintendent shall cause such notice to be mailed to all

persons whose names appear as creditors upon the books of the banking

organization. Such notice to persons appearing as depositors shall be

mailed to the address appearing upon the deposit records or ledger of

such banking organization. The superintendent shall also cause such

notice to be inserted biweekly in such newspaper or newspapers as he or

she may direct for three consecutive months, the first insertion thereof

to be published more than ninety days before the last day fixed in such

notice for presenting proof of claims; provided, that where the notice

requires claims to be presented within less than four months, the

superintendent shall cause such notice to be inserted weekly in such

newspaper or newspapers as he or she may direct for three consecutive

weeks, the first insertion thereof to be published more than twenty-one

days before the last day fixed in such notice for presenting claims.

Such notice shall specify that all persons having claims for priority of

payment shall make demand in writing for priority in the proof of their

claims. The superintendent shall have no power to accept any claim

presented after the date specified in such notice as the last date for

presenting claims.

2. A proof of claim shall consist of a written statement under oath

signed by the claimant or his attorney in fact, and shall be in such

form as the superintendent shall require.

3. All persons who shall have failed to demand in writing priority of

payment as specified in the notice to file claims shall be deemed to

have waived and abandoned any right to such priority of payment. No

person who shall have failed to demand in writing priority of payment as

herein above provided, shall be entitled to maintain any action or

proceeding for any priority of payment. In all actions or proceedings

for priority of payment, the claimant shall be required to allege and

prove that the claim upon which the action is instituted was duly filed

and contained therein demand in writing for priority of payment.