New York Business Corporation Section 1114 - Certain Sales, Transfers, Security Interests And Judgments Void.

1114. Certain sales, transfers, security interests and judgments void.

A sale, mortgage, conveyance or other transfer of, or the creation of a security interest in, any property of a corporation made, without prior approval of the court, after service upon the corporation of a summons in an action, or of an order to show cause in a special proceeding, under this article in payment of or as security for an existing or prior debt or for any other or for no consideration, or a judgment thereafter rendered against the corporation by confession or upon the acceptance of any offer, shall be void as against such persons and to such extent, if any, as the court shall determine.

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Last modified: September 11, 2016