New York Debtor & Creditor Law Article 7 - TRUSTEES FOR INSOLVENT AND IMPRISONED DEBTORS
- 160 - Trustees for Creditors.
All trustees, appointed under any authority, conferred by articles three, four and five of this chapter, in the several cases therein contemplated, are hereby declared...
- 161 - Sole Trustee.
When one trustee only shall be appointed, all the provisions herein contained, in reference to several trustees, shall apply to him.
- 162 - Two or More Trustees.
When there are more trustees than one appointed, the debts and property of the debtor may be collected and received by any one of them;...
- 163 - Death of Trustee; Survivor or Successor.
The survivor or survivors of any trustee, shall have all the powers and rights given by this chapter to trustees. All property in the hands...
- 164 - Trustees' Oath.
Before proceeding to the discharge of any of their duties, all such trustees shall take and subscribe an oath, that they will well and truly...
- 165 - Vesting of Property in Trustees.
The trustees taking such oath, shall be deemed vested with all the estate, real and personal, of such debtor, except such as is exempted by...
- 166 - Powers of Trustees.
The said trustees shall have power: 1. To sue in their own names or otherwise, and recover all the estate, debts and things in action,...
- 167 - Notice to Debtors, Bailees and Creditors.
The trustees, immediately upon their appointment, shall give notice thereof for at least three weeks in a newspaper published in the county where application was...
- 168 - Power to Sue Notwithstanding Notice.
Notwithstanding any such notice, the trustees may sue for and recover, any property or effects of the debtor, and any debts due to him, at...
- 169 - Forfeiture for Failure to Comply With Notice.
Every person indebted to such debtor, or having the possession or custody of any property or thing in action, belonging to him, who shall conceal...
- 170 - Warrant on Withholding Account or Property.
Whenever the trustees shall show by their own oath, or other competent proof, to the satisfaction of any judge of a county court, or in...
- 171 - Examination of Person Arrested.
The judge or justice issuing such warrant, shall examine every person so brought before him, on oath, in the presence of the trustees or any...
- 172 - Imprisonment for Contumacy.
If any person so brought before such judge or justice, shall refuse to be sworn, or to answer satisfactorily, all lawful questions put to him,...
- 173 - No Discharge for Defects of Form.
If any person so committed, shall bring a writ of habeas corpus, he shall not be discharged by reason of any insufficiency in the form...
- 174 - Penalties for Connivance At Escape.
Any sheriff, constable or jailer wilfully suffering any person so committed or re-committed, pursuant to the foregoing sections, to escape, on conviction thereof, in addition...
- 175 - Effect of Answers on Examination.
The person so examined, and answering to the satisfaction of the court, shall not be liable to any penalty imposed for concealing and not delivering...
- 176 - Reward to Informers.
Any person who shall discover to the trustees any secreted effects, property or things in action, belonging to such debtor, so that they shall be...
- 177 - Reference of Disputed Claims.
If any controversy shall arise between the trustees and any other person in the settlement of any demands against such debtor, or of debts due...
- 178 - Application for Appointment of Referee.
If such referee or referees be not selected by agreement, then the trustees or the other party to the controversy, provided no action at law...
- 179 - Appointment of Referee.
On the day so specified, upon due proof of the service of such notice, the judge or justice before whom the application is made may...
- 180 - Entry of Order of Reference.
The judge or justice by whom they shall be selected, shall certify such selection in writing. Such certificate, or the written agreement of the parties,...
- 181 - Powers, Duties and Compensation of Referees.
Such referees shall have the same powers, and be subject to the like duties and obligations, and shall receive the same compensation, as referees appointed...
- 182 - Filing and Effect of Referees' Report.
The report of the referees shall be filed in the same office where the order for their appointment was entered, and shall be conclusive on...
- 183 - Commission to Take Testimony Out of County.
When any witness to such controversy shall reside out of the county where the said trustees resided at the time of their appointment, the referee...
- 184 - Sale of Property and Accounts of Trustees.
The trustees shall, as speedily as possible, convert the estate, real and personal, of such debtor, into money. They shall keep a regular account of...
- 185 - Meeting of Creditors and Notice Thereof.
The trustees, within fifteen months from the time of their appointment, shall call a general meeting of the creditors of such debtor, by a notice...
- 186 - Proceedings At Creditors' Meetings.
At such meeting, or other adjourned meeting thereafter, all accounts and demands, for and against the estate of such debtor, shall be fairly adjusted, as...
- 187 - Payment of Disbursements and Commissions of Trustees.
Out of the moneys in their hands, the trustees may first deduct all the necessary disbursements made by them in the discharge of their duty,...
- 188 - Preferred Debts.
They shall pay all debts due by such debtor to the United States, and all debts due by him to persons who, by the laws...
- 189 - Distribution of Moneys.
They shall distribute the residue of the moneys in their hands, among all those who shall have exhibited their claims as creditors, and whose debts...
- 190 - Preference of Debts Owing by Debtor As Trustee.
In making such distribution, the trustees shall first pay all debts that may be owing by the debtor as guardian, executor, administrator or trustee; and...
- 191 - Payment of Debts Before Maturity.
Every person to whom a debtor, except one proceeding under the fifth article, shall be indebted on a valuable consideration, for any sum of money...
- 192 - Set-Off of Mutual Debts or Credits.
Where mutual credit has been given by any debtor, except a debtor proceeding under the fifth article of this chapter, and any other person, or...
- 193 - No Set-Off in Certain Cases.
No set-off shall be allowed by such trustees, of any claim or debt, which shall have been purchased by, or transferred to, the person claiming...
- 194 - Provision for Pending Actions.
If, at the time any dividend is made, any action or proceeding be pending against the trustees, in which a demand against such debtor may...
- 194-a - Provision for Contingent or Unliquidated Liabilities.
If, at the time any dividend is made, there shall be a contingent or unliquidated claim against the debtor or an outstanding bond, recognizance or...
- 195 - Penalties Recovered.
All penalties which shall be recovered by any trustees, pursuant to the provisions of this article, shall be deemed a part of the estate of...
- 196 - Subsequent Dividends.
If the whole of such debtor's estate be not distributed on the first dividend, the trustees shall, within one year thereafter, make a second dividend...
- 197 - Provision for Neglectful Creditors.
Any creditor who shall have neglected to deliver to the trustees an account of his demand, before the first, second, third or other dividend, and...
- 198 - Unclaimed Dividends.
If any dividend that shall have been declared, shall remain unclaimed by the person entitled thereto for one year after the same was declared, the...
- 199 - Disposition of Surplus.
If after settling the estate of any debtor, and after discharging his debts, entitled to a dividend, any surplus shall remain in the hands of...
- 200 - Allowance to Debtor.
Every debtor who shall be discharged under the third or fourth articles of this chapter shall be allowed the sum of five per centum on...
- 201 - Accounting by Trustees.
Within ten days after any dividend made by any trustees, they shall render on oath and file with the clerk of the court where the...
- 202 - Trustees Subject to Order of Court.
Such trustees shall be subject to the order of the supreme court, and of the county court of the county in which they were appointed,...
- 203 - Appointment of Substitute Trustee.
Whenever any trustee shall be removed, or shall die, or become incapacitated to perform his duties, the court which originally appointed such trustee, after giving...
- 204 - Application by Trustee for Leave to Renounce.
Any trustee appointed pursuant to the provisions of this chapter who shall be desirous of renouncing the trust vested in him, may apply to the...
- 205 - Account Upon Application.
Such application shall be accompanied by a full, true and just account of all the transactions of such trustees, in that character, and particularly of...
- 206 - Verification of Account.
To such account shall be annexed the affidavit of the trustee, that the said account is in all respects just and true, according to the...
- 207 - Order to Show Cause.
The court shall thereupon grant an order, directing notice to be given to all persons interested in the estate of the debtor, in respect to...
- 208 - Publication of Notice.
Such notice shall be published, once in each week, for four weeks successively, in such newspapers, as such court shall direct.
- 209 - Hearing.
On the day appointed for such hearing, and on such other days as shall from time to time be appointed, if it shall appear that...
- 210 - Order Permitting Renunciation.
If it shall appear that the proceedings of such trustee, in relation to his trust, have been fair and honest, and particularly in the collection...
- 211 - Assignment by Renouncing Trustee.
Such assignment shall be executed by such trustee, to such person, or persons, as the court shall appoint for that purpose; and in the appointment,...
- 212 - Effect of Assignment.
Such assignment shall transfer to the persons to whom it shall be made, all the remaining estate and effects, vested in the trustee so renouncing;...
- 213 - Order for Discharge of Trustee From Trust.
Upon producing to the court allowing such assignment, the certificate of the assignee, duly proved by the oath of a subscribing witness, that such assignment...
- 214 - Effect of Order.
Upon such order being granted, such trustee shall be discharged from the trust reposed in him, and his power and authority shall thereupon cease; but...
- 215 - Recording Order and Filing Papers.
Such new assignment, upon being duly proved or acknowledged, shall be recorded in the office of the clerk of the county where the order appointing...
- 216 - Payment of Expense of Renunciation.
The expense of all proceedings in effecting such renunciation and assignment, shall be paid by the trustee making the application.
- 217 - New Trustee in Place of One Absent.
Whenever any trustee appointed under any authority conferred by any of the provisions of articles three, four or five of this chapter, shall remove from...
- 218 - Powers and Duties of New Trustee.
The trustee appointed in the place of the trustee so removed shall in all respects have the like powers and authority, and be subject to...
Last modified: February 3, 2019