N.Y. Banking Law § 630: Claims of shareholders and members of credit unions and savings and loan associations

§ 630. Claims of shareholders and members of credit unions and savings

and loan associations. For the purposes of sections six hundred six to

six hundred thirty-one, both inclusive, of this chapter, the terms

"depositors" and "creditors" shall be deemed to include shareholders or

members of a credit union or savings and loan association, and the terms

"claims, " "accounts payable, " "deposits" and "deposit accounts" shall

be deemed to include the liability of a credit union or savings and loan

association to such shareholders or members, provided, however, that

nothing contained in this section shall in any way affect any priority

over such shareholders or members to which any general creditor of a

credit union or savings and loan association would be entitled in the

absence of this section, and provided further that the provisions of

subdivision two of section six hundred twenty of this chapter shall not

apply to the claims of creditors entitled to such priority.