New York § 4664 - 4664Asset reserves
Full text of New York New York Consolidated Laws § 4664 — 4664Asset reserves, with citation guidance and answers to common questions.
§ 4664. 4664Asset reserves
§ 4664. Asset reserves. An operator shall maintain reserve liabilities and supporting assets in an amount for the purposes set forth in a regulation issued by the commissioner. Liquid assets shall be maintained for the following reserve liabilities: 1. Fifteen percent of the projected annual operating expenses of the facility, exclusive of depreciation. 2. A provider shall notify the commissioner in writing at least ten days prior to reducing the amount of funds available to satisfy the applicable liquid reserve requirement. A provider shall not expend more than one-half of the required balance each calendar year. 3. A provider may use funds in an endowment fund or escrow account, including an escrow account established by or pursuant to a mortgage loan, bond, indenture or other long-term financing, to satisfy the reserve requirements of this section, if the funds are available to make payments when operating funds are insufficient for these purposes.
Frequently Asked Questions About New York § 4664
What does New York Consolidated Laws § 4664 cover?
Section 4664 ("4664Asset reserves") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 4664?
A common citation format is "New York Consolidated Laws § 4664" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 4664 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.