§ 1202 — Appointment of receiver of property of a domestic or foreign corporation

§ 1202. Appointment of receiver of property of a domestic or foreign\n corporation.\n (a) A receiver of the property of a corporation can be appointed only\nby the court, and in one of the following cases:\n (1) An action or special proceeding brought under article 10\n(Non-judicial dissolution) or 11 (Judicial dissolution).\n (2) An action under section 1201 (Action by judgment creditor for\nsequestration).\n (3) An action brought by the attorney-general or by a shareholder to\npreserve the assets of a corporation, which has no officer within this\nstate qualified to administer them.\n (4) An action to preserve the assets in this state, of any kind,\ntangible or intangible, of a foreign corporation which has been\ndissolved, nationalized or its authority or existence otherwise\nterminated or cancelled in the jurisdiction of its incorporation or\nwhich has ceased to do business, brought by any creditor or shareholder\nof such corporation or by one on whose behalf an order of attachment\nagainst the property of such corporation has been issued.\n (b) A receiver shall be subject to the control of the court at all\ntimes and may be removed by the court at any time.\n (c) All actions or special proceedings brought by or against a\nreceiver shall have a preference upon the calendars of all courts next\nin order to actions or special proceedings brought by the people of the\nstate of New York.\n