N.Y. General Associations Law § 16: Subsequent action against members

§ 16. Subsequent action against members. Where an action has been

brought against an officer, or a counterclaim has been made, in an

action brought by an officer, as prescribed in this article, another

action, for the same cause, shall not be brought against the members of

the association, or any of them, until after final judgment in the first

action, and the return, wholly or partly unsatisfied or unexecuted, of

an execution issued thereupon. After such a return, the party in whose

favor the execution was issued, may maintain an action, as follows:

1. Where he was the plaintiff, or a defendant recovering upon a

counterclaim, he may maintain an action against the members of the

association, or, in a proper case, against any of them, as if the first

action had not been brought, or the counterclaim had not been made, as

the case requires; and he may recover therein, as part of his damages,

the costs of the first action, or so much thereof, as the sum, collected

by virtue of the execution, was insufficient to satisfy.

2. Where he was a defendant, and the case is not within subdivision

first of this section, he may maintain an action, to recover the sum

remaining uncollected, against the persons who composed the association,

when the action against him was commenced, or the survivors of them.

But this section does not affect the right of the person, in whose

favor the judgment in the first action was rendered, to enforce a bond

or undertaking, given in the course of the proceedings therein. Section

eleven of this chapter applies to an action brought, as prescribed in

this section against the members of any association, which keeps a book

for the entry of changes in the membership of the association, or the

ownership of its property; and to each book so kept.