(a) The corporation shall not pay any sum, in compliance with an order made for that purpose, if the claim is founded upon a judgment, except a judgment obtained against the corporation under this article, until the petitioner assigns the judgment to the corporation.
Terms Used In N.Y. Insurance Law 5216
- 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.
(b) After assignment the corporation shall be entitled to enforce the judgment for the full amount with interest and costs. Money collected on the judgment in excess of all amounts paid by the corporation shall be paid to the judgment creditor.