N.Y. Debtor and Creditor Law 54 – Consent of executor, administrator, receiver, or trustee
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§ 54. Consent of executor, administrator, receiver, or trustee. An executor or administrator may become a consenting creditor, under the order of the surrogate's court from which his letters issued. A trustee, official assignee, or receiver of the property of a creditor of the petitioner, whether created by operation of law or by the act of parties, may become a consenting creditor, under the order of a justice of the supreme court. A person who becomes a consenting creditor, as prescribed in this section, is chargeable only for the sum which he actually receives, as a dividend of the insolvent's property.
Terms Used In N.Y. Debtor and Creditor Law 54
- Executor: A male person named in a will to carry out the decedent
- Trustee: A person or institution holding and administering property in trust.