New York § 85.50 Termination of stay

New York Statutes

§ 85.50 — Termination of stay

New York § 85.50

Law LFNLocal Finance

Title 6-ALocal Obligations: Financial Emergency; Condition Precedent to Claims; Stay of Claims; Repayment Plan For Municipality; Termination of Stay

Art. 2Local Indebtedness

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Bluebook

N.Y. Local Finance § 85.50 (2026).

Text

§ 85.50 Termination of stay. Any order extending a stay pursuant to\nsection 85.40 of this title may be vacated or modified if, upon motion\nof any creditor affected thereby, the court finds, after a hearing:

(a)\nthat the municipality has failed to comply with a material provision of\nthe repayment plan; or (b) that, due to a material change in\ncircumstances, the repayment plan no longer complies with the\nrequirements of section 85.40 of this title. Upon the occurrence of the\nfinal act necessary to carry out fully all of the terms and provisions\nof the repayment plan with respect to those creditors who accept the\nplan or any benefits thereunder, the court, after a hearing, upon motion\nof any creditor or of the municipality or its emergency financial\ncontrol board, shall enter an

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§ 85.50 Termination of stay. Any order extending a stay pursuant to\nsection 85.40 of this title may be vacated or modified if, upon motion\nof any creditor affected thereby, the court finds, after a hearing: (a)\nthat the municipality has failed to comply with a material provision of\nthe repayment plan; or (b) that, due to a material change in\ncircumstances, the repayment plan no longer complies with the\nrequirements of section 85.40 of this title. Upon the occurrence of the\nfinal act necessary to carry out fully all of the terms and provisions\nof the repayment plan with respect to those creditors who accept the\nplan or any benefits thereunder, the court, after a hearing, upon motion\nof any creditor or of the municipality or its emergency financial\ncontrol board, shall enter an order vacating any stay then in effect and\npermanently enjoining any creditors who accepted the plan or any\nbenefits thereunder from commencing or continuing any action or special\nproceeding or doing any other act within the scope of section 85.30 of\nthis title relating to any contract, debt or obligation included in the\nplan.\n