§ 655. Maximum amount of insurance. 1. Subject to the provisions of
subdivisions two and three of this section, the maximum amount of
insurance that any claimant shall be entitled to shall be determined by
the superintendent after taking into account the amount of claims, the
amount of the fund, including the authority of the fund to make
assessments pursuant to section six hundred fifty-seven of this article,
and any claim for recovery which the fund would have pursuant to the
provisions of section six hundred forty-three of this chapter.

2. No insurance shall be paid on any New York instrument payable for
an amount in excess of one thousand dollars, other than those New York
instruments issued for the purpose of paying utility bills.

3. The maximum amount of insurance which any claimant shall be
entitled to shall be determined as follows:

a. If the claimant is a purchaser, the maximum amount of insurance
which such purchaser shall be entitled to on all insured New York
instruments purchased by said purchaser shall be five thousand dollars.

b. If the claimant is a holder, the maximum amount of insurance which
such holder shall be entitled to shall be the aggregate of the amounts
which would have been due to the purchasers of the insured New York
instruments held by the holder, had the instruments remained in the
possession of the purchasers, rather than the holder.