Terms Used In N.Y. Debtor and Creditor Law 276-A

  • Creditor: means a person that has a claim. See N.Y. Debtor and Creditor Law 270
  • Debtor: means a person that is liable on a claim. See N.Y. Debtor and Creditor Law 270
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality, or other legal or commercial entity. See N.Y. Debtor and Creditor Law 270
  • Statute: A law passed by a legislature.
  • Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, license, and creation of a lien or other encumbrance. See N.Y. Debtor and Creditor Law 270
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.

In an action or special proceeding under this article in which a judgment creditor who has been awarded by court order or agreement or has waived attorney’s fees available to prevailing parties by the terms of the statute under which the creditor’s underlying claim arose, or representative asserting the rights of such judgment creditor, recovers judgment avoiding any transfer or obligation, the justice or surrogate presiding at the trial shall fix the reasonable attorney’s fees of the creditor, or creditor representative, incurred in such action or special proceeding under this article as an additional amount required to satisfy the creditor’s claim, and the creditor, or creditor representative, shall have judgment therefor against the debtor and, subject to the defenses and protections in section partnership property” class=”unlinked-ref” datatype=”S” sessionyear=”2023″ statecd=”NY” title=”Debtor and Creditor”>two hundred seventy-seven of this article, against any transferee (or person for whose benefit the transfer was made) against whom relief is ordered, in addition to the other relief granted by the judgment. The fee so fixed shall be without regard, or prejudice, to any agreement, express or implied, between the creditor, or the creditor representative, and his or her attorney with respect to the compensation of such attorney.