N.Y. Banking Law § 490-g

§ 490-g. Payment of liquidating dividends on uninsured shares. In the\nevent of liquidation by the superintendent of any credit union which is\na party to the agreement, he shall pay on account of its uninsured share\nliabilities and deposit liabilities, dividends in the same manner and\namount as he would pay on account thereof if none of the share\nliabilities of such credit union were insured.\n