§ 9-418. Stay of proceedings; default judgments

Latest version.

   (a) Stay of proceedings. -- To allow proper legal action by the Corporation on any matter germane to its powers or duties, each proceeding in which the impaired insurer is a party in a court in the State shall be stayed for 60 days after the date an order of liquidation, rehabilitation, or conservation is final.

(b) Default judgments. -- If a court enters a judgment under a decision, order, verdict, or finding based on default, the Corporation may:

   (1) apply to have the judgment, decision, order, verdict, or finding set aside by the same court that made it; and

   (2) defend against the suit on the merits.

HISTORY: An. Code 1957, art. 48A, § 537; 1996, ch. 11.

                    
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