N.Y. ISC Law § 7431
This is the official text of N.Y. ISC Law § 7431, 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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Determination of liability of members for other indebtedness
Official statutory 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
Status: in_force · Read it on the official government site
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