N.Y. ISC Law § 7818
This is the official text of N.Y. ISC Law § 7818, 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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Nonconforming contracts
Official statutory text
§ 7818. Nonconforming contracts. (a) Except as otherwise specifically\nprovided in this chapter, any life settlement contract subject to this\nchapter that is in violation of any of the provisions of this chapter\nshall be valid and binding upon the life settlement provider, but in all\nrespects in which the contract's provisions are in violation of the\nrequirements or prohibitions of this chapter it shall be enforceable as\nif it conformed with such requirements or prohibitions.\n (b) In any action to recover under the provisions of any life\nsettlement contract that the superintendent is authorized by this\nchapter to approve, if in the superintendent's opinion the provisions of\nthis chapter are more favorable to owners, the court shall enforce such\ncontract as if its provisions were the same as those specified in this\nchapter unless the court finds that the actual provisions of the\ncontract were more favorable to owners at the date when the contract was\nentered into.\n
Status: in_force · Read it on the official government site
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