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2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7717 - Stay of proceedings; reopening default judgments.


NY Ins L § 7717 (2012) What's This?
 
    §   7717.  Stay  of  proceedings;  reopening  default  judgments.  All
  proceedings in which the impaired or insolvent insurer is a party in any
  court in this state shall be stayed sixty days from the date an order of
  liquidation, rehabilitation, or conservation is final to  permit  proper
  legal  action by the corporation on any matters germane to its powers or
  duties. As to judgment under any decision,  order,  verdict  or  finding
  based  on  default  the  corporation may apply to have such judgment set
  aside by the same court that made such judgment and, if such application
  is granted in the court's discretion, the corporation shall be permitted
  to defend against such suit  on  the  merits.  The  provisions  of  this
  section shall be in addition to any other provision provided by law.

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