§ 74. When insolvent cannot be discharged.
208 words·~1 min read·
/ny/debtor-creditor/insolvent-s-discharge-from-debts/74·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 74. When insolvent cannot be discharged. In either of the following
cases, the petitioner is not entitled to a discharge:
1. Where it appears, upon the hearing or trial, that, after making the
schedule annexed to his petition, he has collected a debt or demand, or
transferred, absolutely, conditionally, or otherwise, any of his
property, not exempt by law from levy and sale by virtue of an
execution, and he neglects or refuses forthwith to pay over to the
clerk, the full amount of all debts and demands so collected, and the
full value of all property so transferred, except so much of the money,
and of the value of the property, as appears to have been necessarily
expended by him for the support of himself or his family.
2. Where it appears, in like manner, that the petitioner, within two
years before presenting the petition, has, in contemplation of his
becoming insolvent, or of his petitioning for his discharge, or knowing
of his insolvency, made an assignment, sale, or transfer, either
absolute or conditional, of any of his property, or of any interest
therein, or confessed a judgment, or given any security, with a view of
giving a preference to a creditor for an antecedent debt.