N.Y. Insurance Law § 7429: Borrowing on the pledge of assets

§ 7429. Borrowing on the pledge of assets. To facilitate the

rehabilitation, liquidation, conservation or dissolution of an insurer

pursuant to this article the superintendent may, subject to the approval

of the court, borrow money and issue evidences of indebtedness therefor

and secure repayment by a security interest in any or all property,

real, personal or mixed of such insurer. Subject to court approval, the

superintendent may take all other action necessary and proper to

consummate such loans and provide for their repayment. The

superintendent shall be under no obligation personally or in his

capacity as superintendent to repay any loan made pursuant to this

section.