New York § 7429 Borrowing on the pledge of assets

New York Statutes

§ 7429 — Borrowing on the pledge of assets

New York § 7429

Law ISCInsurance

Art. 74Rehabilitation, Liquidation, Conservation and Dissolution of Insurers

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Bluebook

N.Y. Insurance § 7429 (2026).

Text

  § 7429. Borrowing on the pledge of assets. To facilitate the\nrehabilitation, liquidation, conservation or dissolution of an insurer\npursuant to this article the superintendent may, subject to the approval\nof the court, borrow money and issue evidences of indebtedness therefor\nand secure repayment by a security interest in any or all property,\nreal, personal or mixed of such insurer.  Subject to court approval, the\nsuperintendent may take all other action necessary and proper to\nconsummate such loans and provide for their repayment. The\nsuperintendent shall be under no obligation personally or in his\ncapacity as superintendent to repay any loan made pursuant to this\nsection.\n

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§ 7429. Borrowing on the pledge of assets. To facilitate the\nrehabilitation, liquidation, conservation or dissolution of an insurer\npursuant to this article the superintendent may, subject to the approval\nof the court, borrow money and issue evidences of indebtedness therefor\nand secure repayment by a security interest in any or all property,\nreal, personal or mixed of such insurer. Subject to court approval, the\nsuperintendent may take all other action necessary and proper to\nconsummate such loans and provide for their repayment. The\nsuperintendent shall be under no obligation personally or in his\ncapacity as superintendent to repay any loan made pursuant to this\nsection.\n