N.Y. Local Finance Law § 166.00: Action against municipal officers

§ 166.00 Action against municipal officers. a. The holder in due

course of any bond, note or interest bearing coupon issued due to the

malfeasance, misfeasance, or negligence of any officer of a

municipality, school district or district corporation, whose cause of

action thereon is determined by judgment, or who is privy to such

action, may within three years after entry of judgment begin an action

against such officer for the recovery of all damages suffered because of

such malfeasance, misfeasance or negligence.

b. A municipality, school district or district corporation which is

required pursuant to a judgment to pay a bond, note or interest bearing

coupon issued due to the malfeasance, misfeasance or negligence of any

officer thereof, may within three years after such payment begin an

action against such officer and recover the amount so paid with interest

from the time of payment.

c. An order of arrest and an execution against the person of the

defendant may be issued in an action instituted pursuant to paragraph a

or b of this section.