§ 1201. Action by judgment creditor for sequestration. Where final judgment for a sum of money has been rendered against a corporation, and an execution issued thereupon to the sheriff of the county where the corporation conducts its activities, or where its office is located, has been returned wholly or partly unsatisfied, the judgment creditor […]
§ 1202. Appointment of receiver of property of a domestic or foreign corporation. (a) A receiver of the property of a corporation can be appointed only by the court, and in one of the following cases: (1) An action or special proceeding brought under article 10 (Non-judicial dissolution) or 11 (Judicial dissolution). (2) An action […]
§ 1203. Temporary and permanent receiver. (a) At any stage before final judgment or final order in an action or special proceeding brought under this article, the court may appoint one or more receivers of the property of the corporation or of the property in this state of a foreign corporation against which an action […]
§ 1204. Oath and security. A receiver, before entering upon his or her duties, shall: (a) Take and subscribe an oath that he or she will faithfully, honestly and impartially discharge the trust committed to him or her, and the oath shall be filed with the clerk of the court in which the action or […]
§ 1205. Designation of depositories by court. All orders appointing a receiver of a corporation shall designate therein one or more places of deposit, wherein all funds of the corporation not needed for immediate disbursement shall be deposited and no other deposits and no investment of such funds shall be made, except upon the order […]
§ 1206. Powers of permanent receiver. (a) A permanent receiver, upon qualifying under section 1204 (Oath and security), shall be vested with title to all the property of the corporation wherever situated or of the property in this state of a foreign corporation against which an action or special proceeding has been brought under subparagraph […]
§ 1207. Duties of receiver upon appointment. (a) Upon appointment and qualification, a receiver shall have the following duties: (1) To give immediate notice of his or her appointment by publication once a week for two successive weeks in two newspapers of general circulation in the county where the office of the corporation is located […]
§ 1208. Penalty for concealing property from receiver. Any persons having possession of property belonging to the corporation, who shall wrongfully withhold such property from the receiver after the day specified in the notice given under section 1207 (Duties of receiver upon appointment), shall forfeit to the receiver double the value of such property, and […]
§ 1209. Recovery of assets. (a) Whenever a receiver, by verified petition to the supreme court at a special term held in the judicial district in which the receiver was appointed, shall show that he or she has good reason to believe that any person has in his or her possession or under his or […]
§ 1210. Order of payment by receiver. (a) Laborers’ wages shall be preferred claims and entitled to payment before any other creditors out of the assets of the corporation in excess of valid prior liens or encumbrances. (b) The receiver shall subject to any prior liens or encumbrances distribute the residue of the moneys in […]
§ 1211. Final distribution by receiver. (a) If there remains property of the corporation after the first distribution, the receiver shall, within one year thereafter, make a final distribution among the creditors entitled thereto. Notice that such distribution will be the final distribution to creditors shall be published once a week for two consecutive weeks […]
§ 1212. Disposition of moneys retained; surplus; unclaimed distributions. (a) When any action pending at the time of final distribution shall be terminated, the receiver shall apply the moneys retained by the receiver to the payment of the amount recovered, and the receiver’s necessary charges and expenses incurred therein. (b) After the final distribution to […]
§ 1213. Omission or default of receiver. Upon notice to the attorney-general and upon such notice to creditors or others interested as the court shall direct, the court may, in the furtherance of justice, relieve a receiver from any omission or default, on such conditions as may be imposed, and, on compliance therewith, confirm the […]
§ 1214. Application by attorney-general for removal of receiver and to close receivership. (a) Whenever he or she deems it to be to the advantage of the members, creditors or other persons interested in the assets of any corporation for which a receiver has been appointed, the attorney-general may move: (1) For an order removing […]
§ 1215. Resignation by receiver; filling any vacancy. (a) A receiver may petition the appointing court for an order to show cause why he or she should not be permitted to resign. (b) The petition shall be accompanied by a verified account of all the assets of the corporation received by the receiver, of all […]
§ 1216. Final accounting; notice; duty of attorney-general. (a) Within one year after qualifying, the receiver shall apply to the court for a final settlement of his accounts and for an order for distribution, or, upon notice to the attorney-general and to any governmental body or officer whose consent is required for the dissolution of […]
§ 1217. Commissions. (a) A receiver shall be entitled, in addition to his necessary expenses, to such commissions upon the sums received and disbursed as may be allowed by the court, as follows: (1) On the first twenty thousand dollars, not exceeding five percent; (2) On the next eighty thousand dollars, not exceeding two and […]
§ 1218. Special provisions relating to actions or special proceedings against foreign corporations. (a) In any action or special proceeding brought against a foreign corporation under this article, the following provisions shall apply: (1) Service of the summons in such action may be made personally within the state of New York, by delivery of the […]
