G. C. Murphy Co. v. Reserve Insurance

Lupiano, J. (dissenting in part).

The facts are fairly stated in the opinion of the Presiding Justice. However, my view of the relevant statutory law and legal principles impels a different conclusion. The deposit of security envisioned by section 59-a of the Insurance Law is analogous for all practical purposes to a special deposit within the contemplation of the Uniform Insurers Liquidation Act (Insurance Law, §§ 517-524). *241This conclusion is buttressed by the policy considerations underlying section 59-a of the Insurance Law and by construing said statute in light of sections 519 (esp subds…