(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 or by a shareholder to preserve the
assets of a corporation, which has no officer within this state qualified to administer
(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 do business, brought by any creditor or shareholder of such
corporation or by one on whose behalf an order of attachment against the property
of such corporation has been issued.
(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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.