629 - Payment of Dividends to Minors, Trustees or Joint Depositors; Payment of Dividends Where Adverse Claim Is Asserted; Interpleader in Certain Actions.

NY Banking L § 629 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

(b) The dividends which are the subject of such an action may remain with the superintendent to the credit of the action until final judgment therein and shall not be entitled to interest, and shall be paid by the superintendent in accordance with the final judgment of the court; or the dividends in controversy may be paid into court to await the final determination of the action and when the dividend or dividends are so paid into court the superintendent shall be stricken out as a party to the action and his liability shall cease.

(c) The costs in all actions against the superintendent to recover dividends shall be in the discretion of the court, and may be charged upon the fund affected by the action. 7. In case the superintendent is in doubt concerning the person entitled to receive payment of any dividend, or there are conflicting claims thereto, he may require of the claimant an order of the supreme court authorizing and directing the payment thereof, but for any payment made by him in good faith, by check or order, payable to the claimant appearing from the records in his office to be entitled thereto, he shall be held harmless and shall not be liable to any subsequent claimant.

Previous Section

628 - Payment of Dividends When Deposits Have Been Made Available by Federal Deposit Insurance Corporation.

Next Section

630 - Claims of Shareholders and Members of Credit Unions and Savings and Loan Associations.