N.Y. Banking Law § 634: Power to appoint regulator or insurer as receiver; additional powers

§ 634. Power to appoint regulator or insurer as receiver; additional

powers. Notwithstanding anything to the contrary in this chapter, the

superintendent may, in his or her sole discretion, and upon such terms

and conditions as the superintendent may approve, appoint as receiver or

liquidator of any banking organization or branch or agency of a foreign

banking corporation, the business and property of which the

superintendent has taken or is entitled to take possession, the Office

of the Comptroller of the Currency, the Federal Deposit Insurance

Corporation, the National Credit Union Administration, the successor or

assignee of any of the foregoing, or such other regulator, or insurer of

deposits or shares as may be empowered by federal law to receive such

appointment. Any regulator or insurer which accepts such appointment may

act without bond or other security as to such appointment and shall have

and possess, and may exercise, all the rights, powers and privileges

provided by the laws of this state to the superintendent in his or her

capacity as, or to any other, receiver or liquidator of a banking

organization or branch or agency of a foreign banking corporation. Upon

the payment to any depositor or shareholder of a banking organization or

branch or agency of a foreign banking corporation, the regulator or

insurer shall be subrogated to all the rights of such depositor or

shareholder to the extent of such payment.

In addition to such other powers as he or she may possess under law,

the superintendent, or any regulator or insurer which accepts

appointment in accordance with the provisions of this section, may,

without obtaining the approval of stockholders, shareholders or any

court, sell, transfer, assign, consolidate or otherwise dispose of all

or any part of the assets, real and personal, including fiduciary

relationships, of the banking organization, or branch or agency of the

foreign banking corporation, to another banking organization, national

bank, branch or agency of a foreign banking corporation, federal savings

bank, federal savings and loan association or federal credit union or to

such regulator or insurer, its successor or assignee, on such terms as

may be determined to be in the best interests of depositors,

shareholders and other creditors. In connection therewith the

superintendent may, in addition, and without obtaining court approval,

borrow from such regulator or insurer any amount necessary to facilitate

the assumption of deposit liabilities by any other banking institution

and assign any part or all of the assets of a banking organization or

branch or agency of a foreign banking corporation as security for such

loan.