N.Y. Not-for-Profit Corporation Law 1201 – Action by judgment creditor for sequestration
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§ 1201. Action by judgment creditor for sequestration.
Terms Used In N.Y. Not-for-Profit Corporation Law 1201
- 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.
Where final judgment for a sum of money has been rendered against a corporation, and an execution issued thereupon to the sheriff of the county where the corporation conducts its activities, or where its office is located, has been returned wholly or partly unsatisfied, the judgment creditor may maintain an action to procure a judgment sequestrating the property of the corporation and providing for a distribution thereof.