§ 58. Consent of purchaser or assignee of debt.

131 words·~1 min read·/ny/debtor-creditor/insolvent-s-discharge-from-debts/58·

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

§ 58. Consent of purchaser or assignee of debt. Where a consenting

creditor is the purchaser or assignee of a debt against the petitioner,

or the executor, administrator, trustee, or receiver of such a purchaser

or assignee, he is deemed, for all the purposes of this article, except

as to the declaration and receipt of dividends, a creditor only to the

amount, actually and in good faith paid for the debt, by him, or by the

decedent or other person, from whom he derives title, and remaining

uncollected. This section is not affected by the recovery of a judgment

for the debt, after the purchase or assignment; but in that case, the

consenting creditor may include the uncollected costs, as if they were

part of the sum paid for the debt.