New York Consolidated Laws, Banking Law - BNK § 445. Preference of credits

In case of the insolvency or voluntary or involuntary liquidation of any bank, trust company or savings and loan association, its assets shall be applied in the first place ratably and proportionately to the payment in full of any sum or sums of money deposited therewith by the savings and loan bank or due to the savings and loan bank for subscriptions, sinking funds, interest and principal of bonds, or guaranty of mortgages, notes secured or unsecured or any other obligations due to the savings and loan bank, but not to an amount exceeding that authorized to be so deposited or contracted by the provisions of this chapter, and in accordance and on an equality with any other preference provided for in this chapter.