§ 8011 — Corporate existence

New York § 8011

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 80: Mutual Holding Company

Text

§ 8011. Corporate existence. (a) The reorganized insurer shall be a\ncontinuation of the reorganizing insurer, and the reorganization shall\nin no way annul, modify or change any of such insurer's existing suits,\nrights, contracts or liabilities except as provided in the approved plan\nof reorganization. All rights, franchises and interests of the\nreorganizing insurer in and to every species of property, real, personal\nand mixed, and things in action thereunto belonging, shall be vested in\nthe continuing company, without any deed or transfer, and simultaneously\ntherewith such continuing company shall be subject to all of the\nobligations and liabilities of the reorganizing insurer, other than\nobligations and liabilities with respect to the policyholders'\nmembership interests extinguished by the plan of reorganization.\n (b) No action or proceeding pending at the time of the reorganization\nto which the reorganizing insurer may be a party shall be abated or\ndiscontinued by reason of such reorganization, but the same may be\nprosecuted to final judgment in the same manner as if the reorganization\nhad not taken place, or the reorganized insurer may be substituted in\nplace of such reorganizing insurer by order of the court in which the\naction or proceeding may be pending.\n