New York Laws
Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers
7425 - Voidable Transfers.

(b) Every director, officer, employee, shareholder, member or other
person acting on behalf of such insurer who shall be concerned in any
such prohibited act and every person receiving thereby any property of
such insurer or the benefit thereof shall be personally liable therefor
and shall be bound to account to the superintendent.
(c) The superintendent, as liquidator, rehabilitator or conservator in
any proceeding under this article, may avoid any transfer of, or lien
upon, the property of an insurer which any creditor, shareholder or
member of such insurer might have avoided and may recover the property
transferred or its value from the transferee unless he was a bona fide
holder for value prior to the date of the granting of an order to show
cause under this article. Such property or its value may be recovered
from anyone who has received it except a bona fide holder for value.
(d) Notwithstanding the provisions of subsection (a) of this section,
a commutation of a reinsurance agreement, approved by the superintendent
pursuant to section one thousand three hundred twenty-one of this
chapter, shall not be voidable as a preference.

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