New York Consolidated Laws, Banking Law - BNK § 628. Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation

When the superintendent shall have taken possession of any banking organization for the purpose of liquidation, and Federal Deposit Insurance Corporation shall have made available to the depositors thereof the amounts of their respective deposits insured by such corporation, he shall be authorized, without requiring assignments from depositors, to pay to such corporation such dividends on account of such insured deposits as such depositors would be entitled to receive had their deposits not been made available to them by such corporation.