N.Y. Banking Law § 628: Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation

§ 628. Payment of dividends when deposits have been made available by

Federal Deposit Insurance Corporation. When the superintendent shall

have taken possession of any banking organization for the purpose of

liquidation, and Federal Deposit Insurance Corporation shall have made

available to the depositors thereof the amounts of their respective

deposits insured by such corporation, he shall be authorized, without

requiring assignments from depositors, to pay to such corporation such

dividends on account of such insured deposits as such depositors would

be entitled to receive had their deposits not been made available to

them by such corporation.