§ 85.50 Termination of stay. Any order extending a stay pursuant to section 85.40 of this title may be vacated or modified if, upon motion of any creditor affected thereby, the court finds, after a hearing: (a) that the municipality has failed to comply with a material provision of the repayment plan; or (b) that, due to a material change in circumstances, the repayment plan no longer complies with the requirements of section 85.40 of this title. Upon the occurrence of the final act necessary to carry out fully all of the terms and provisions of the repayment plan with respect to those creditors who accept the plan or any benefits thereunder, the court, after a hearing, upon motion of any creditor or of the municipality or its emergency financial control board, shall enter an order vacating any stay then in effect and permanently enjoining any creditors who accepted the plan or any benefits thereunder from commencing or continuing any action or special proceeding or doing any other act within the scope of section 85.30 of this title relating to any contract, debt or obligation included in the plan.

Terms Used In N.Y. Local Finance Law 85.50

  • Contract: A legal written agreement that becomes binding when signed.
  • emergency financial control board: shall mean any such board established by state law for the municipality, and the term "covered organization" shall mean any such organization as defined in the act declaring that a state of financial emergency exists for such municipality. See N.Y. Local Finance Law 85.00
  • 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.
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