For the purposes of sections six hundred six to six hundred thirty-one, both inclusive, of this chapter, the terms “depositors” and “creditors” shall be
deemed to include shareholders or members of a credit union or savings and loan association,
and the terms “claims,” “accounts payable,” “deposits” and “deposit accounts” shall
be deemed to include the liability of a credit union or savings and loan association
to such shareholders or members, provided, however, that nothing contained in this
section shall in any way affect any priority over such shareholders or members to
which any general creditor of a credit union or savings and loan association would
be entitled in the absence of this section, and provided further that the provisions
of subdivision two of section six hundred twenty of this chapter shall not apply to the claims of creditors entitled to such priority.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.