N.Y. ISC Law § 7429
This is the official text of N.Y. ISC Law § 7429, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Borrowing on the pledge of assets
Official statutory 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
Status: in_force · Read it on the official government site
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