Appointment of Receiver of Property of a Domestic or Foreign Corporation.

  1. Law
  2. New York Laws
  3. Not-For-Profit Corporation
  4. Receivership
  5. Appointment of Receiver of Property of a Domestic or Foreign Corporation.

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§ 1202. Appointment of receiver of property of a domestic or foreign 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 under section 112 (Actions or special proceedings by attorney-general), or brought by the attorney-general or by a member 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 conduct its activities, brought by any creditor or member of such corporation or by one on whose behalf an order of attachment against the property of such corporation has been issued.

(5) An action brought for the foreclosure of a mortgage upon property of the corporation, where the mortgage debt or the interest thereon has remained unpaid for at least thirty days after payment demanded and where either the income of the property is specifically mortgaged or the property itself appears to be insufficient to pay the mortgage debt. A receiver appointed under this subparagraph shall be receiver only of the property upon which the mortgage is being foreclosed.

(6) An application of the regents of the university, in aid of the liquidation of a corporation whose dissolution they contemplate or have decreed; or on the application of the trustees of such a corporation, on notice to the regents.

(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.


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