N.Y. Banking Law § 637: Powers of superintendent in possession; application for receiver

§ 637. Powers of superintendent in possession; application for

receiver. 1. When the superintendent has taken possession of the

business and property of a licensee, he shall liquidate or otherwise

deal with such business and property in accordance with the provisions

of article thirteen of this chapter applicable to the possession,

liquidation and conservation of the business and property of a banking

organization.

2. Whenever the superintendent has taken possession of the business

and property of a licensee, he may, in his discretion, apply to the

supreme court in the judicial district in which such licensee's

principal office is located for the appointment of a receiver to

liquidate or otherwise deal with the affairs of the licensee. Any

receiver 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 this article

to the superintendent or by the laws of this state to the superintendent

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

organization.