§ 5215. Collusive judgments. No claim against the corporation shall be allowed if the court finds, upon the hearing for the allowance of the claim, that the judgment upon which the claim is founded was obtained by fraud, or by collusion of the plaintiff and of any defendant in the action, relating to any matter affecting the cause of action upon which the judgment is founded or the amount of damages assessed therein.

Terms Used In N.Y. Insurance Law 5215

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Fraud: Intentional deception resulting in injury to another.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
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