N.Y. Not-for-Profit Corporation Law 1210 – Order of payment by receiver
§ 1210. Order of payment by receiver.
Terms Used In N.Y. Not-for-Profit Corporation Law 1210
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(a) Laborers' wages shall be preferred claims and entitled to payment before any other creditors out of the assets of the corporation in excess of valid prior liens or encumbrances.
(b) The receiver shall subject to any prior liens or encumbrances distribute the residue of the moneys in his hands, among the creditors whose claims have been proved and allowed, as follows:
(1) All debts due by such corporation to the United States, and all debts entitled to a preference under the laws of the United States.
(2) All debts that may be owing by the corporation as trustee.
(3) Judgments against the corporation, to the extent of the value of the real property on which they are liens.
(4) All other creditors in proportion to their respective demands, without preference to specialty debts.