2015 New York Laws
ISC - Insurance
Article 78 - (Insurance) LIFE SETTLEMENTS
7818 - Nonconforming contracts.

  7818. Nonconforming contracts. (a) Except as otherwise specifically
  provided in this chapter, any life settlement contract subject  to  this
  chapter  that  is  in violation of any of the provisions of this chapter
  shall be valid and binding upon the life settlement provider, but in all
  respects in which the contract's provisions  are  in  violation  of  the
  requirements  or prohibitions of this chapter it shall be enforceable as
  if it conformed with such requirements or prohibitions.
(b) In any  action  to  recover  under  the  provisions  of  any  life
  settlement  contract  that  the  superintendent  is  authorized  by this
  chapter to approve, if in the superintendent's opinion the provisions of
  this chapter are more favorable to owners, the court shall enforce  such
  contract  as  if its provisions were the same as those specified in this
  chapter unless the  court  finds  that  the  actual  provisions  of  the
  contract were more favorable to owners at the date when the contract was
  entered into.