§ 1202. Appointment of receiver of property of a domestic or foreign corporation.
233 words·~1 min read·
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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 or by a shareholder 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 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.