New York § 1212 Disposition of moneys retained; surplus; unclaimed distributions

New York Statutes

§ 1212 — Disposition of moneys retained; surplus; unclaimed distributions

New York § 1212

Law NPCNot-for-Profit Corporation

Art. 12Receivership

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Bluebook

N.Y. Not-for-Profit Corporation § 1212 (2026).

Text

§ 1212. Disposition of moneys retained; surplus; unclaimed\n          distributions.\n  (a) When any action pending at the time of final distribution shall be\nterminated, the receiver shall apply the moneys retained by the receiver\nto the payment of the amount recovered, and the receiver's necessary\ncharges and expenses incurred therein.\n  (b) After the final distribution to creditors and after deducting the\nreceiver's charges and expenses, the receiver shall distribute any\nsurplus in the manner prescribed in section 1002-a of this chapter or,\nif dissolution of the corporation is not involved, in such manner as the\ncourt shall order.\n

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§ 1212. Disposition of moneys retained; surplus; unclaimed\n distributions.\n (a) When any action pending at the time of final distribution shall be\nterminated, the receiver shall apply the moneys retained by the receiver\nto the payment of the amount recovered, and the receiver's necessary\ncharges and expenses incurred therein.\n (b) After the final distribution to creditors and after deducting the\nreceiver's charges and expenses, the receiver shall distribute any\nsurplus in the manner prescribed in section 1002-a of this chapter or,\nif dissolution of the corporation is not involved, in such manner as the\ncourt shall order.\n