§ 30. Definitions. As used in this article, unless the context or\nsubject matter requires otherwise:\n (a) "Liquidation proceeding" includes all assignments for the benefit\nof creditors, whether voluntary or by operation of law; equity\nreceiverships where the subject under receivership is insolvent; and any\nother proceedings for distribution of assets of any insolvent debtor,\nwhether a person, partnership, corporation or business association\nexcept proceedings under article seventy-four of the insurance law and\narticle thirteen of the banking law.\n (b) "Liquidator" means any person administering assets in any\nliquidation proceedings.\n (c) "Insolvent debtor" means any insolvent person, partnership,\ncorporation or business association involved in a liquidation\nproceeding.\n
Free access — add to your briefcase to read the full text and ask questions with AI
§ 30. Definitions. As used in this article, unless the context or\nsubject matter requires otherwise:\n (a) "Liquidation proceeding" includes all assignments for the benefit\nof creditors, whether voluntary or by operation of law; equity\nreceiverships where the subject under receivership is insolvent; and any\nother proceedings for distribution of assets of any insolvent debtor,\nwhether a person, partnership, corporation or business association\nexcept proceedings under article seventy-four of the insurance law and\narticle thirteen of the banking law.\n (b) "Liquidator" means any person administering assets in any\nliquidation proceedings.\n (c) "Insolvent debtor" means any insolvent person, partnership,\ncorporation or business association involved in a liquidation\nproceeding.\n (d) "Secured creditor" means a creditor who has either legal or\nequitable security for his debt upon any property of the insolvent\ndebtor of a nature to be liquidated and distributed in a liquidation\nproceeding, or a creditor to whom is owed a debt for which such security\nis possessed by some endorser, surety, or other person secondarily\nliable.\n (e) "Creditor's sale" includes any sale effected by the secured\ncreditor by judicial process or otherwise under the terms of his\ncontract or the applicable law for the purpose of realizing upon his\nsecurity.\n