Insurance Law 7424 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7423 Exemption from filing fees up ARTICLE 74 Rehabilitation, Liquidation, Conservation and Dissolution of Insurers next SECTION 7425 Voidable transfers Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7424 Deposit of monies collected; preference Insurance (ISC) CHAPTER 28, ARTICLE 74 § 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.