§ 412 — Bonds required in certain cases

New York § 412

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 13: Miscellaneous Provisions; Saving and Construction Clauses
• Art. 8: New York State and Local Police and Fire Retirement System

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§ 412. Bonds required in certain cases. a. In any case where, by\norder of a court of competent jurisdiction, the police and fire\nretirement system is required to pay over a benefit which is payable in\ninstallments and which is predicated upon the life of a beneficiary, to\na payee other than the recipient who ordinarily would have taken the\nbenefit pursuant to the provisions of this article, such payee must file\na bond. The bond shall be in favor of the comptroller as administrative\nhead of the police and fire retirement system and shall indemnify him\nagainst loss by reason of excess payment, to such payee, after benefits\nhave ceased to become payable for any reason whatsoever.\n The amounts of the bond shall be fixed by the court in a sum not less\nthan the total amount such payee is expected to take for a period of two\nyears. The bond with at least two sureties must be approved by the\ncourt. It must be filed with the clerk of the court and a certified copy\nthereof served upon the comptroller. Before the bond shall be approved\nthere shall be filed in the court by every surety an acknowledged\ninstrument wherein the surety designates the clerk of the court and his\nsuccessors in office as a person upon whom service of any process\nissuing from the court may be made in like manner and with like effect\nas if served personally upon the surety, whenever such surety after the\nexercise of due diligence cannot be found and served within the state of\nNew York.\n Insofar as they are consistent with this article, the provisions of\nlaw relating to bonds and undertakings in a civil action in the supreme\ncourt shall apply to bonds required by this subdivision.\n b. Notwithstanding any provisions to the contrary in subdivision a of\nthis section, if the retirement system is required to pay over a benefit\nwhich is payable in installments and which is predicated upon the life\nof a beneficiary, to a payee other than the recipient who ordinarily\nwould have taken the benefit pursuant to the provisions of this chapter,\nsuch payee shall not be required to file a bond or any other undertaking\nwhere such payment is required by order of a court of competent\njurisdiction as the result of an action or proceeding for equitable\ndistribution, alimony, maintenance or child support pursuant to article\nthree-A or thirteen of the domestic relations law, article four of the\nfamily court act, title six-A or six-B of article three of the social\nservices law, section fifty-two hundred forty-two of the civil practice\nlaw and rules, or by an income execution issued pursuant to section\nfifty-two hundred forty-one of the civil practice law and rules.\n Upon the payment of such benefit, the retirement system shall be\nrelieved and held harmless from any and all liability for any claim of\nexcess payment which exists at the time with reference to such benefit\nor may thereafter be made on account of such benefit.\n