Statute · New York Insurance Law
N.Y. Ins. Law § 7431 — Determination of liability of members for other indebtedness
N.Y. Ins. Law § 7431
- Type
- Statute
- Source
- New York Insurance Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 7431. Determination of liability of members for other indebtedness. (a) If it shall appear that a member of a domestic mutual insurer is indebted to such insurer, apart from his liability to assessment, the court may, upon the application of the superintendent, in any order under section seven…
Citator
N.Y. Ins. Law § 7431 — Determination of liability of members for other indebtedness is in force in the current edition of the Code, and nothing recorded condemns it.
§ 7431. Determination of liability of members for other indebtedness. (a) If it shall appear that a member of a domestic mutual insurer is indebted to such insurer, apart from his liability to assessment, the court may, upon the application of the superintendent, in any order under section seven thousand four hundred thirty of this article directing such member to show cause why he should not be held liable to pay an assessment, likewise direct him to show cause why he should not be held liable to pay such indebtedness.
(b) The liability of such member for such indebtedness shall be determined in the same manner, and at the same time, as his liability for such assessment is determined, and the superintendent may have judgment therefor, without any additional costs.