Notwithstanding any other laws of this state, a state bank, which is incorporated in another state and whose deposits are insured by Federal Deposit Insurance Corporation, shall have the same protection, privileges and immunities, including the right to sue, collect debts, realize on collateral security, enforce liens, claims and obligations, and protect its property in this state, as a national bank whose principal office is located in the same state as such state bank, and such state bank and its shares, securities and evidences of indebtedness shall enjoy the same privileges, protections and immunities as those of such a national bank and shall not be subject to any disability, incapacity, restriction, regulation, penalty, fee, fine or taxation which is not imposed by this state in the case of such a national bank, provided however that this section shall not apply with respect to any state bank and its shares, securities and evidences of indebtedness unless such state bank's state of incorporation has a statute with provisions substantially similar to this section which is applicable to a state bank hares, securities and evidences of indebtedness unless such state bank's state of incorporation has a statute with provisions substantially similar to this section which is applicable to a state bank incorporated in this state. As used in this section the term 'state bank' shall mean any commercial bank or trust company.
New York Legal Code