N.Y. Insurance Law § 8011: Corporate existence

§ 8011. Corporate existence. (a) The reorganized insurer shall be a

continuation of the reorganizing insurer, and the reorganization shall

in no way annul, modify or change any of such insurer's existing suits,

rights, contracts or liabilities except as provided in the approved plan

of reorganization. All rights, franchises and interests of the

reorganizing insurer in and to every species of property, real, personal

and mixed, and things in action thereunto belonging, shall be vested in

the continuing company, without any deed or transfer, and simultaneously

therewith such continuing company shall be subject to all of the

obligations and liabilities of the reorganizing insurer, other than

obligations and liabilities with respect to the policyholders'

membership interests extinguished by the plan of reorganization.

(b) No action or proceeding pending at the time of the reorganization

to which the reorganizing insurer may be a party shall be abated or

discontinued by reason of such reorganization, but the same may be

prosecuted to final judgment in the same manner as if the reorganization

had not taken place, or the reorganized insurer may be substituted in

place of such reorganizing insurer by order of the court in which the

action or proceeding may be pending.