New York Laws
Article 80 - Mutual Holding Company
8015 - Limitations of Actions; Security.

(b) In any action referred to in subsection (a) of this section, the
plaintiff or plaintiffs shall be required, upon a motion of the mutual
holding company, reorganizing insurer or reorganized insurer or any
stock holding company which establishes to the satisfaction of the
court, that a substantial likelihood exists that such action is brought
without merit and with an intention to delay or harass, to give adequate
security for the damages and reasonable expenses, including attorneys'
fees, which may be incurred as a result of, or in connection with, such
action by such company and by any other defendants in such action or for
which such company may become liable, to which security the mutual
holding company, reorganizing insurer or reorganized insurer or any
stock holding company shall have recourse in such amount as the court
determines upon the termination of such action. The amount of security
may from time to time be increased or decreased in the discretion of the
court upon a showing that the security provided has or may become
inadequate or excessive.
(c) Notwithstanding any other provision of law to the contrary, any
action seeking a stay, restraining order, injunction or similar remedy
to prevent or delay the closing of any transaction pursuant to this
article or of any transaction described in the plan of reorganization
must be commenced within one hundred twenty days after, as applicable:
(1) the approval of a plan of reorganization by the superintendent
pursuant to section eight thousand seven or eight thousand nineteen of
this article, as the case may be; or (2) the approval of the

superintendent pursuant to section eight thousand twenty of this
article.
(d) Any action or proceeding against the superintendent or any other
governmental body or officer in connection with any act taken or order,
regulation or rule issued pursuant to this article must be commenced
within one hundred twenty days from the date of such act or signing of
such order, regulation or rule.
(e) Any person aggrieved by any act taken or order, regulation or rule
issued pursuant to this article may petition for judicial review in the
manner provided by article seventy-eight of the civil practice law and
rules, pursuant to the limitations period prescribed in subsection (d)
of this section. The petition shall be brought in the judicial
department embracing the county wherein the act was taken or the order,
regulation or rule was issued. All such proceedings shall be heard and
determined as expeditiously as possible and with lawful precedence over
other matters. Acts taken or orders, regulations or rules issued
pursuant to this article shall not be stayed or enjoined except upon
application after notice to the superintendent and to the attorney
general and upon a showing that the petitioner has a substantial
likelihood of success and will suffer irreparable harm if the stay or
injunction is not granted.