Section 615. On taking possession, superintendent shall notify those holding assets; effect of notification; turnover of assets and payment of debts owed to the banking organization

When  the  superintendent  shall  take  possession of the property and business of any banking organization:
    1.  The superintendent shall forthwith give notice of such fact to all
  corporations, unincorporated  associations,  partnerships,  governmental
  entities  and  other  entities  and individuals known to him to hold any
  assets of such  banking  organization.  No  corporation,  unincorporated
  association,   partnership,  governmental  entity  or  other  entity  or
  individual having notice or knowledge that the superintendent has  taken
  possession of such banking organization, shall have a lien or charge for
  any  payment,  advance  or  clearance thereafter made against any of the
  assets of such banking organization for liability thereafter incurred.
    2. Upon the written demand of  the  superintendent,  any  corporation,
  unincorporated  association,  partnership,  governmental entity or other
  entity or individual holding assets of such banking  organization  shall
  deliver  such  assets  to  the  superintendent  and  shall  thereupon be
  discharged from liability with respect to any claim  upon  such  assets;
  provided,  however  that  such  demand  shall  not affect the right of a
  secured creditor with a perfected security interest, or other valid lien
  or security  interest  enforceable  against  third  parties,  to  retain
  collateral,  including  any  right  of  such  secured creditor under any
  security arrangement related  to  a  qualified  financial  contract,  as
  defined  in  section  six  hundred  eighteen-a of this article to retain
  collateral and apply such collateral in accordance with paragraph (d) of
  subdivision two of section  six  hundred  eighteen-a  of  this  article.
  Nothing in this section shall affect any right of setoff permitted under
  applicable   law;   provided,  however,  that  in  connection  with  the
  liquidation of a branch or  agency  of  a  foreign  banking  corporation
  pursuant  to  this  article,  no  entity  or  individual may set off the
  business and property in this state of such foreign banking  corporation
  described  in  subparagraph  one of paragraph (c) of subdivision four of
  section six hundred six of this  article  against  liabilities  of  such
  foreign   banking  corporation  other  than  those  that  arise  out  of
  transactions had by such entity or individual with such branch or agency
  (which liabilities shall be deemed to include in the case  of  qualified
  financial  contracts  the  lesser  of  the  two  amounts calculated with
  respect to any such qualified financial contract pursuant  to  paragraph
  (c)  of  subdivision  two  of  section  six  hundred  eighteen-a of this
  article) and provided that such setoff is  otherwise  permissible  under
  applicable law.