Terms Used In New York Laws > Multiple Dwelling > Article 4 > Title 2 - Sanitation

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Insolvent debtor: means any insolvent person, partnership, corporation or business association involved in a liquidation proceeding. See N.Y. Debtor and Creditor Law 30
• Liquidator: means any person administering assets in any liquidation proceedings. See N.Y. Debtor and Creditor Law 30
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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. See N.Y. Debtor and Creditor Law 30