N.Y. Banking Law § 654: Purpose of the fund

§ 654. Purpose of the fund. There is hereby created a fund to be known

as the "state transmitter of money insurance fund". The purpose of the

fund shall be to insure the New York instruments of uninsured

transmitters of money which, by reason of insolvency, bankruptcy or

other inability to pay, have defaulted in making payment on their New

York instruments, whether such default has occurred prior to or after

the effective date of this act.