New York § 7431 Determination of liability of members for other indebtedness

New York Statutes

§ 7431 — Determination of liability of members for other indebtedness

New York § 7431

Law ISCInsurance

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

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Bluebook

N.Y. Insurance § 7431 (2026).

Text

  § 7431. Determination of liability of members for other indebtedness.\n(a) If it shall appear that a member of a domestic mutual insurer is\nindebted to such insurer, apart from his liability to assessment, the\ncourt may, upon the application of the superintendent, in any order\nunder section seven thousand four hundred thirty of this article\ndirecting such member to show cause why he should not be held liable to\npay an assessment, likewise direct him to show cause why he should not\nbe held liable to pay such indebtedness.\n  (b) The liability of such member for such indebtedness shall be\ndetermined in the same manner, and at the same time, as his liability\nfor such assessment is determined, and the superintendent may have\njudgment therefor, without any additional costs.\n

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§ 7431. Determination of liability of members for other indebtedness.\n(a) If it shall appear that a member of a domestic mutual insurer is\nindebted to such insurer, apart from his liability to assessment, the\ncourt may, upon the application of the superintendent, in any order\nunder section seven thousand four hundred thirty of this article\ndirecting such member to show cause why he should not be held liable to\npay an assessment, likewise direct him to show cause why he should not\nbe held liable to pay such indebtedness.\n (b) The liability of such member for such indebtedness shall be\ndetermined in the same manner, and at the same time, as his liability\nfor such assessment is determined, and the superintendent may have\njudgment therefor, without any additional costs.\n