Skip to main content
Find a Lawyer

New York Consolidated Laws, Not-For-Profit Corporation Law - NPC § 1210. Order of payment by receiver

Current as of January 01, 2024 | Updated by FindLaw Staff

(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.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - New York Consolidated Laws, Not-For-Profit Corporation Law - NPC § 1210. Order of payment by receiver - last updated January 01, 2024 | https://codes.findlaw.com/ny/notforprofit-corporation-law/npc-sect-1210/

Read this complete New York Consolidated Laws, Not-For-Profit Corporation Law - NPC § 1210. Order of payment by receiver on Westlaw. Westlaw subscription required.

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?

Search all New York Codes

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.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard