§ 353-A — Receivers

New York § 353-A

• Jurisdiction: New York
• Law GBS: General Business
• Art. 23-A: Fraudulent Practices In Respect to Stocks, Bonds and Other Securities

Text

§ 353-a. Receivers. In any action brought by the attorney-general as\nprovided in this article, the court at any stage of the proceedings may\nappoint a receiver of any and all property derived by the defendant or\ndefendants or any of them by means of any such fraudulent practices,\nincluding also all property with which such property has been mingled if\nsuch property can not be identified in kind because of such commingling,\ntogether with any or all books of account and papers relating to the\nsame. The judgment entered in such action may provide that such receiver\nshall take title to any or all such property and books of account and\npapers relating to the same and liquidate such property or any part\nthereof for the benefit of all persons intervening in the said action\nand establishing an interest in such property. The judgment may also\nprovide that all such property, the title to or interest in which has\nnot been established in such action by intervenors or otherwise by due\nprocess to be in a person or persons other than defendant or defendants,\nshall be returned to the defendant or defendants as their interest may\nappear. Such receiver shall be subject to all the duties of receivers\nappointed in a civil action as far as practicable except that such\nprovisions relating to commissions or compensation of receivers shall\nnot be applicable to receivers appointed pursuant to this section, but\nsuch commissions or compensation shall be fixed by the court in any\namount which it may determine to be just and equitable. In any action\nbrought by the attorney-general as provided in this article the court\nmay grant such other and further relief as may be proper.\n