§ 151 — Right of set off against unmatured debts

New York § 151

• Jurisdiction: New York
• Law DCD: Debtor & Creditor
• Art. 6-A: Right of Set Off Against Unmatured Debts

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§ 151. Right of set off against unmatured debts. Every debtor shall\nhave the right upon:\n (a) the filing of a petition under any of the provisions of the\nfederal bankruptcy act or amendments thereto or the commencement of any\nproceeding under any foreign bankruptcy, insolvency, debtor relief or\nother similar statute or body of law, by or against a creditor;\n (b) the making of an assignment by a creditor for the benefit of its\ncreditors;\n (c) the application for the appointment, or the appointment, of any\nreceiver of, or of any of the property of a creditor;\n (d) the issuance of any execution against any of the property of a\ncreditor;\n (e) the issuance of a subpoena or order, in supplementary proceedings,\nagainst or with respect to any of the property of a creditor; or\n (f) the issuance of a warrant of attachment against any of the\nproperty of a creditor,\nto set off and apply against any indebtedness, whether matured or\nunmatured, of such creditor to such debtor, any amount owing from such\ndebtor to such creditor, at or at any time after, the happening of any\nof the above mentioned events, and the aforesaid right of set off may be\nexercised by such debtor against such creditor or against any trustee in\nbankruptcy, debtor in possession, assignee for the benefit of creditors,\nreceiver or execution, judgment or attachment creditor of such creditor,\nor against anyone else claiming through or against such creditor or such\ntrustee in bankruptcy, debtor in possession, assignee for the benefit of\ncreditors, receivers, or execution, judgment or attachment creditor,\nnotwithstanding the fact that such right of set off shall not have been\nexercised by such debtor prior to the making, filing or issuance, or\nservice upon such debtor of, or of notice of, any such petition;\nassignment for the benefit of creditors; appointment or application for\nthe appointment of a receiver; or issuance of execution, subpoena or\norder or warrant.\n