2013 New York Consolidated Laws
ISC - Insurance
Article 74 - (7401 - 7437) REHABILITATION, LIQUIDATION, CONSERVATION AND DISSOLUTION OF INSURERS
7428 - Disposition of assets and compromise of claims.

 
    §  7428.  Disposition  of  assets  and  compromise  of claims. (a) The
  superintendent may, subject to the approval of the court:
    (1) sell or otherwise dispose of all or  any  part  of  the  real  and
  personal  property  of  an  insurer  against  whom a proceeding has been
  brought under this article, and
    (2) sell or compound all doubtful or  uncollectible  debts  or  claims
  owed  by  or  to  such insurer including claims based upon an assessment
  levied against a member of a mutual insurer.
    (b) If the amount of any such real or personal property owned  by,  or
  debt  or  claim  owed by or to, such insurer does not exceed twenty-five
  thousand dollars, then the superintendent may sell or dispose of all  or
  any part of the real or personal property, or compromise or compound the
  debt  or  claim,  upon such terms as the superintendent may deem for the
  best interests of such insurer without obtaining  the  approval  of  the
  court.
    (c)  The  superintendent  may,  subject  to the approval of the court,
  sell, or agree to sell, or offer to sell, any assets of such an  insurer
  to  such of its creditors who may desire to participate in the purchase,
  to be paid for in whole or in part out  of  dividends  payable  to  such
  creditors.
    (d)  Upon  application  of the superintendent, the court may designate
  representatives to act for  such  creditors  in  the  purchase,  holding
  and/or management of such assets, and the superintendent may, subject to
  the  approval of the court, advance the expenses of such representatives
  against the security of the claims of such creditors.