New York § 6618 Suits to recover assessments

New York Statutes

§ 6618 — Suits to recover assessments

New York § 6618

Law ISCInsurance

Art. 66Co-operative Property/casualty Insurance Companies

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Bluebook

N.Y. Insurance § 6618 (2026).

Text

§ 6618. Suits to recover assessments.

(a)An assessment corporation\nmay maintain a civil action against any member or former member of such\ncorporation for the unpaid amount of any extraordinary or post\nassessment lawfully levied against him, or against any former member of\nsuch corporation for the earned portion of any advance assessment which\nhe has failed to pay.\n (b) In any such action the corporation may recover, in addition to\nsuch sum or sums, legal interest thereon and the amount of any penalty\nimposed by such corporation's by-laws for failure to pay such\nassessments; but no such corporation shall provide in its by-laws for\nsuch a penalty in excess of fifty percent of such an assessment.\n

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§ 6618. Suits to recover assessments. (a) An assessment corporation\nmay maintain a civil action against any member or former member of such\ncorporation for the unpaid amount of any extraordinary or post\nassessment lawfully levied against him, or against any former member of\nsuch corporation for the earned portion of any advance assessment which\nhe has failed to pay.\n (b) In any such action the corporation may recover, in addition to\nsuch sum or sums, legal interest thereon and the amount of any penalty\nimposed by such corporation's by-laws for failure to pay such\nassessments; but no such corporation shall provide in its by-laws for\nsuch a penalty in excess of fifty percent of such an assessment.\n