N.Y. Insurance Law § 7424: Deposit of monies collected; preference

§ 7424. Deposit of monies collected; preference. Monies collected by

the superintendent in a proceeding under this article shall be deposited

in one or more state or national banks, savings banks, or trust

companies. In the case of insolvency or voluntary or involuntary

liquidation of any such depositary organized and supervised under the

laws of this state, such deposits shall be entitled to priority of

payment on an equality with any other priority given by the banking law

of this state. The superintendent may in his discretion deposit such

monies or any part thereof in a national bank or trust company as a

trust fund.