N.Y. Real Property Law Section 428
Action against assurance fund

Any allowed claim for indemnity shall be paid in the same manner as other claims against the county. In the city of New York a claim shall be passed upon and approved by the city register and by the corporation counsel of the city before payment is allowed. The rejection of a claim by the proper county officials (or in the city of New York by the city register and corporation counsel) shall not preclude the claimant from bringing an action to recover such claim. No claim or judgment on a claim for indemnity shall be binding on the county or on the county treasurer (in New York city the commissioner of finance) for an amount exceeding the amount credited to the assurance fund. If the amount credited to the assurance fund is insufficient to pay the claim or judgment in full, the unpaid balance shall bear interest at the legal rate and shall be paid out of the first moneys coming into said assurance fund or the county or city general fund after the assurance fund has been terminated pursuant to § 426 (Assurance fund)section four hundred twenty-six of this article. If any right of action against any person for damages for negligence or other cause, or under any covenant or contract of warranty or guaranty or otherwise, exists in favor of the person to whom indemnity is paid, the county treasurer (in New York city the commissioner of finance) shall be deemed to be subrogated to such right and may bring an action to recover thereunder. Any amounts recovered by the county treasurer (in New York city the commissioner of finance) under such an action shall be credited to the account of the assurance fund. Until the assurance fund provided as aforesaid shall have been exhausted, payment for any such losses or damages shall be made out of such fund.

Source: Section 428 — Action against assurance fund, https://www.­nysenate.­gov/legislation/laws/RPP/428 (updated Sep. 22, 2014; accessed Jan. 17, 2026).

370
Petition to register title to real property 371
Petitions and proceedings to be in supreme court 372
County clerks and registers to be registrars of title 373
Registrar’s bond 374
Deputy registrars’ powers and duties 375
Compensation of registrars and deputy registrars, official examiners of title, and registration clerks 376
Disposition of fees received by registrar 377
Official examiners of title 378
What owners may apply 379
Contents of petition for registration 380
Official examiner’s report of title 381
Survey, map or plan to be filed 382
Notice of petition and of pendency of proceeding 385
Proceedings upon the petition 386
Form of notice to parties 388
Guardian ad litem 389
Any person interested may appear and defend 390
Title in lands vested 391
Final orders conclusive 392
Fraud 393
Registration of title 394
Certificate of title 395
Title book 396
Duplicate certificate of title 398
Certificate to include dealings pending registration 399
Certificate of title as evidence 400
Rights of owners of registered property 401
Registered property not affected by prescription or adverse possession 402
Fraud 403
Memorial to be carried forward 404
Registered property to remain registered 404–A
Withdrawal from registration in certain instances 405
Registered property subject to same rights and burdens as unregistered property 406
Transfers of registered property 407
Certificate as to part of property remaining after transfer 409
Filing, entering and indexing papers pursuant to this act 409–A
Entries in other indexes 410
Notice of filed papers 411
Addresses of interested parties 412
When a transfer is deemed to be registered 413
New certificates of title 414
Loss of duplicate certificate 415
Mortgages, leases and other liens and charges 416
Proceedings to register mortgage, lease or other lien or charge 417
Judgments, decrees, attachments and other liens to be noted on certificate 418
Assignment of mortgage, lease, or other lien or charge 419
Release, discharge or surrender of charge or incumbrance 420
Enforcement of mortgages, charges, liens and incumbrances 421
Powers of attorney to be filed and registered 422
Reference of doubtful matters to the court 423
Death of owner of registered property 423–A
Form for transfer of property upon death of owner of registered property 424
Transfer on death deed 426
Assurance fund 427
Compensation from assurance fund 428
Action against assurance fund 429
Restrictions on claims against assurance fund 430
Penalties for fraudulent acts or false certificates 431
Forgery and fraudulent stamping 432
Fees to be charged 433
Construction of article 434
Form for official examiner’s report of title 435
Form for certificate of title 436
Termination of title registration procedures
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Verified:
Jan. 17, 2026

Last modified:
Sep. 22, 2014

§ 428. Action against assurance fund's source at nysenate​.gov

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