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State Law
Federal Law
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New York Debtor and Creditor Law Section 6 - Bond Of Assignee.Legal Research Home > New York Lawyer > Debtor and Creditor > New York Debtor and Creditor Law Section 6 - Bond Of Assignee. § 6. Bond of assignee. The assignee named in any such assignment shall, within thirty days after the date thereof, and before he shall have any power or authority to sell, dispose of or convert to the purposes of the trust any of the assigned property, enter into a bond to the people of the state of New York, in an amount to be ordered and directed by the judge, with sufficient sureties to be approved of by such judge, and conditioned for the faithful discharge of the duties of such assignee, and for the due accounting for all moneys received by him, which bond shall be filed in the clerk's office of the county where such assignment is recorded, but in case the debtor shall fail to present such inventory within the twenty days required, then the assignee, before ten days thereafter shall have elapsed, may apply to said judge by verified petition for leave to file a provisional bond, until such time as he may be able to present the schedule or inventory as hereinbefore provided. New York Lawyers
Last modified: July 31, 2006 |