N.Y. Private Housing Finance Law Section 56-A
Indemnification of members, officers and employees


The state shall save harmless and indemnify the respective members, officers and employees of the agency and its subsidiary corporations pursuant to Public Officers Law § 17 (Defense and indemnification of state officers and employees)section seventeen of the public officers law against any claim, demand, suit or judgment arising by reason of any act or omission to act by such member, officer or employee occurring in the discharge of his duties and within the scope of his service on behalf of the agency or its subsidiary corporations. In the event of any claim, demand, suit or judgment based on allegations that financial loss was sustained by any person in connection with the acquisition, disposition or holding of notes, bonds or other obligations of the agency, a member, officer or employee of the agency shall be saved harmless and indemnified notwithstanding any limitations contained in such section seventeen, unless such individual is found by a final judicial determination not to have acted, in good faith, for a purpose which he reasonably believed to be in the best interests of the agency or not to have had reasonable cause to believe that his conduct was lawful. All of the provisions of Public Officers Law § 17 (Defense and indemnification of state officers and employees)section seventeen of the public officers law which are not inconsistent with this section shall apply to the members, officers and employees of the agency or its subsidiary corporations, including the provisions relating to the defense by the attorney general or private counsel of any civil action and the payment of legal costs incurred in connection with the defense of any such action. Any member, officer or employee of the agency or its subsidiary corporations seeking to be saved harmless or indemnified or to claim any other benefits available pursuant to this section or section seventeen of the public officers law shall comply with the procedural requirements of such section seventeen. As used in this section the terms “member”, “officer” and “employee” shall include a former member, officer or employee, his estate or judicially appointed personal representative.

Source: Section 56-A — Indemnification of members, officers and employees, https://www.­nysenate.­gov/legislation/laws/PVH/56-A (updated Sep. 22, 2014; accessed Oct. 26, 2024).

40
Short title
41
Statement of legislative findings and purposes
42
Definitions
43
New York state housing finance agency
44
Powers of the agency
44‑A
Low rent dwelling accommodations
44‑B
Mortgage modifications, evidence of pre-existing indebtedness
44‑C
Federally-aided mortgage loans
45
Transfer of officers and employees
45‑A
Housing trust fund corporation
45‑B
Affordable housing corporation
45‑C
Homeless housing and assistance corporation
46
Notes and bonds of the agency
47
Reserve funds and appropriations
47‑A
State university construction bonds and notes
47‑B
Mental hygiene improvement bonds and notes
47‑C
Special provisions related to certain bonds and notes
47‑D
Health facilities bonds and notes
47‑E
Housing program bonds and notes
48
Agreement with the state
49
State’s right to require redemption of bonds
50
Remedies of noteholders and bondholders
51
Monies of the agency
51‑A
Federal rental assistance program administrative fees
52
Notes and bonds as legal investment
53
Exemption from taxation of property and income
54
Exemption from taxation of notes and bonds
55
Assistance by state officers, departments, boards and commissions
56
Reports
56‑A
Indemnification of members, officers and employees
57
Insured mortgage reserve fund
58
Special revenue housing coverage reserve funds
59
Bond reserve insurance fund
59‑A
Housing trust fund account
59‑B
Affordable housing development account
59‑C
Insured housing initiatives fund
59‑D
Turnkey/enhanced housing account
59‑E
Infrastructure development fund
59‑G
Permanent housing for homeless families fund
59‑H
Manufactured home cooperative fund
59‑I
Homeless housing and assistance account
60
Housing project repair fund
61
Inconsistent provisions in other laws superseded
61‑A
Actions
62
Article not affected if in part unconstitutional

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 56-A’s source at nysenate​.gov

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