New York Debtor & Creditor Law Section 30 - Definitions.

30. Definitions. As used in this article, unless the context or subject matter requires otherwise:

(a) "Liquidation proceeding" includes all assignments for the benefit of creditors, whether voluntary or by operation of law; equity receiverships where the subject under receivership is insolvent; and any other proceedings for distribution of assets of any insolvent debtor, whether a person, partnership, corporation or business association except proceedings under article seventy-four of the insurance law and article thirteen of the banking law.

(b) "Liquidator" means any person administering assets in any liquidation proceedings.

(c) "Insolvent debtor" means any insolvent person, partnership, corporation or business association involved in a liquidation proceeding.

(d) "Secured creditor" means a creditor who has either legal or equitable security for his debt upon any property of the insolvent debtor of a nature to be liquidated and distributed in a liquidation proceeding, or a creditor to whom is owed a debt for which such security is possessed by some endorser, surety, or other person secondarily liable.

(e) "Creditor's sale" includes any sale effected by the secured creditor by judicial process or otherwise under the terms of his contract or the applicable law for the purpose of realizing upon his security.

Last modified: February 3, 2019