All proceedings in which the impaired or insolvent insurer is a party in any court in this State shall be stayed 60 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the Association on any matters germane to its powers or duties. As to a judgment under any decision, order, verdict, or finding based on the default, the Association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits. (Added 1971, No. 170 (Adj. Sess.), § 2, eff. April 27, 1972; amended 2009, No. 137 (Adj. Sess.), § 7e, eff. May 29, 2010.)