§ 30. Definitions.
200 words·~1 min read·
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§ 30. Definitions. As used in this article, unless the context or
subject matter requires otherwise:
(a)"Liquidation proceeding" includes all assignments for the benefit
of creditors, whether voluntary or by operation of law; equity
receiverships where the subject under receivership is insolvent; and any
other proceedings for distribution of assets of any insolvent debtor,
whether a person, partnership, corporation or business association
except proceedings under article seventy-four of the insurance law and
article thirteen of the banking law.
(b)"Liquidator" means any person administering assets in any
liquidation proceedings.
(c)"Insolvent debtor" means any insolvent person, partnership,
corporation or business association involved in a liquidation
proceeding.
(d)"Secured creditor" means a creditor who has either legal or
equitable security for his debt upon any property of the insolvent
debtor of a nature to be liquidated and distributed in a liquidation
proceeding, or a creditor to whom is owed a debt for which such security
is possessed by some endorser, surety, or other person secondarily
liable.
(e)"Creditor's sale" includes any sale effected by the secured
creditor by judicial process or otherwise under the terms of his
contract or the applicable law for the purpose of realizing upon his
security.