N.Y. Business Corporation Law 1202 – Appointment of receiver of property of a domestic or foreign corporation
§ 1202. Appointment of receiver of property of a domestic or foreign
Terms Used In N.Y. Business Corporation Law 1202
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
corporation.
(a) A receiver of the property of a corporation can be appointed only by the court, and in one of the following cases:
(1) An action or special proceeding brought under article 10 (Non-judicial dissolution) or 11 (Judicial dissolution).
(2) An action under section 1201 (Action by judgment creditor for sequestration).
(3) An action brought by the attorney-general or by a shareholder to preserve the assets of a corporation, which has no officer within this state qualified to administer them.
(4) An action to preserve the assets in this state, of any kind, tangible or intangible, of a foreign corporation which has been dissolved, nationalized or its authority or existence otherwise terminated or cancelled in the jurisdiction of its incorporation or which has ceased to do business, brought by any creditor or shareholder of such corporation or by one on whose behalf an order of attachment against the property of such corporation has been issued.
(b) A receiver shall be subject to the control of the court at all times and may be removed by the court at any time.
(c) All actions or special proceedings brought by or against a receiver shall have a preference upon the calendars of all courts next in order to actions or special proceedings brought by the people of the state of New York.