"The proceeds of this bond shall constitute a trust fund for the exclusive benefit of the purchasers and holders of the licensee's New York instruments. In the event of the insolvency or bankruptcy of the licensee, the proceeds of the bond shall be paid to the superintendent forthwith for disposition in accordance with the applicable provisions of the Banking Law; provided, however, if any New York instruments have been assigned to the fund, the proceeds of the bond shall constitute a trust fund for the benefit of, and shall be payable to, the fund to the extent of such assignment. As used herein, the terms "New York instruments", "fund", "purchasers," and "holders" shall have the meanings ascribed to them in section 653 of the Banking Law."
"The proceeds of this bond shall constitute a trust fund for the exclusive benefit of the purchasers and holders of the licensee's New York traveler's checks. In the event of the insolvency or bankruptcy of the licensee, the proceeds of the bond shall be paid to the superintendent forthwith for disposition in accordance with applicable provisions of the Banking Law. As used herein, the terms "New York Traveler's checks", "purchasers" and "holders" shall have the meanings ascribed to them in section 653 of the Banking Law."
N.Y. Comp. Codes R. & Regs. Tit. 3 § 406.13