§ 1206. Powers of permanent receiver.

326 words·~1 min read·/ny/business-corporation/receivership/1206·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A permanent receiver, upon qualifying under section 1204 (Oath and

security), shall be vested with title to all the property of the

corporation wherever situated or of the property in this state of a

foreign corporation against which an action or special proceeding has

been brought under subparagraph

(4)of section 1202 (Appointment of

receiver of property of a domestic or foreign corporation), for the

benefit of the creditors and shareholders of the corporation.

(b)A permanent receiver shall have the power:

(1)To sue in his own name or otherwise for the recovery of the

property, debts and causes of action of the corporation. No set-off or

counterclaim shall be allowed in any such action for any demand unless

it was owing by the corporation to the defendant before the commencement

of the action or special proceeding in which the receiver was appointed

or unless it shall have been incurred by the receiver subsequent to his

appointment.

(2)To sell at public or private sale all the property vested in him,

in such manner and on such terms and conditions as the court shall

direct, and to make necessary transfers and conveyances thereof.

(3)To examine on oath, to be administered by him, any person

concerning any matter pertaining to or affecting the receivership.

(4)To settle or compound any demands by or against the receivership.

(c)When more than one receiver is appointed, all provisions in this

article in reference to one receiver shall apply to them.

(d)When more than one receiver is appointed, the debts and property

of the corporation may be collected and received by any of them; when

more than two receivers are appointed, the powers and rights conferred

on them may be exercised by any two.

(e)When more than one receiver is appointed, the survivor or

survivors of such receivers shall have all the powers and right of the

receivers.