§ 654. Purpose of the fund. There is hereby created a fund to be known
as the "state transmitter of money insurance fund". The purpose of the
fund shall be to insure the New York instruments of uninsured
transmitters of money which, by reason of insolvency, bankruptcy or
other inability to pay, have defaulted in making payment on their New
York instruments, whether such default has occurred prior to or after
the effective date of this act.