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IN THE MATTER OF LIQUIDATION OF AMERICAN DRUGGISTS' INSURANCE COMPANY

15 A.D.3d 268 (2005)

789 N.Y.S.2d 483

In the Matter of Liquidation of AMERICAN DRUGGISTS' INSURANCE COMPANY. SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK, Respondent, v. DENIS D. KENNY, Appellant.

Appellate Division of the Supreme Court of the State of New York, First Department.

February 15, 2005.

The second cause of action, for breach of the investor bond agreement, was for indemnification, and thus the statute of limitations only began to run when plaintiff made payment to the secured party (see McDermott v City of New York, 50 N.Y.2d 211 [1980]). The defense of laches is unavailable in an action at law commenced within the period of limitation (see Republic Ins. Co. v Real Dev. Co., 161 A.D.2d 189...

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