New York Not-For-Profit Corporation Law Section 1112 - Certain sales, transfers, security interests and judgments void.

1112. 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.

Last modified: February 3, 2019