New York S05347 amends insurance law to address voidable transfers affecting a federal home loan bank, including injunctions and delinquency.
New York S05347 amends the insurance law to modify certain voidable transfers affecting a federal home loan bank. It prohibits the federal home loan bank from being stayed, enjoined, or prohibited from exercising rights under a security agreement relating to collateral pledged by an insurer-member. The bill also mandates that a receiver cannot void certain transfers made before formal proceedings unless they were made with intent to defraud.
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