N.J.S.A 17:45A-7. Rights against association not affected by conversion; exception

17:45A-7. Rights against association not affected by conversion; exception

The conversion of an association into a mutual life insurance company shall not affect the right of any creditor or member of any such association, but all rights of all persons against such association before its conversion shall continue unaffected and shall be enforced against the mutual life insurance company in the same manner they could have been enforced against the association had its conversion not taken place; except that all rights of assessment, or reduction in benefits in lieu of assessment, prescribed in the certificate of incorporation or by-laws of the mutual benefit association, or provided for in any certificate, policy or contract of such association, shall be canceled. “Assessment,” as used herein, means the right to require the payment of a sum in addition to the weekly or other periodical dues, contributions, premiums and fees required under the terms of any certificate, policy or contract.

L.1955, C.230, p. 892, s.7.

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NJ Maintained Unanotated Statutes References to 17:45A-7. Rights against association not affected by conversion; exception

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