Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) Every fire insurance policy insuring the interest of an owner pursuant to this article shall include a statement that, prior to the payment of any proceeds thereunder otherwise payable to the insured for damages resulting to the premises from a loss occasioned by fire, the insurer will deduct and pay the claim of any tax district which renders a certificate of lien pursuant to the provisions of section three hundred thirty-one of this chapter.
(b) Such statement shall further relate that upon the payment of such claim the insurer shall, to the extent of such payment, be released from any obligation to pay the same to the insured and that the payment of any such claim within thirty days of receipt by the insurer of the certificate of lien shall, as between the insured and the insurer, operate as a conclusive presumption that such claim was valid and properly paid.
Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 3410. Fire insurance contract; payment of liens on proceeds; certain cases - last updated January 01, 2021 | https://codes.findlaw.com/ny/insurance-law/isc-sect-3410.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.