§ 210 — Rights and remedies of creditors

New York § 210

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Bethpage Park Authority
• Art. 2: Park, Parkway and Highway Authorities

Text

* § 210. Rights and remedies of creditors. 1. All real and personal\nproperty, including fees and revenues of the authority and debts owing\nto it are exempt from levy and sale by virtue of an execution and no\nexecution or other judicial process shall issue against the same. No\njudgment against the authority shall be a charge upon real property or\nchattels real of the authority. This clause shall not limit the rights\nof mortgagees and pledgees to enforce their lien or other rights by any\nappropriate suit, action or proceeding.\n 2. Any purchaser at a sale of property of the authority pursuant to a\njudgment in an action to foreclose a mortgage thereon shall obtain title\nfree from any trust or other obligation to operate or maintain such\nproperty as a public park or public recreation center and free from any\nobligation to the public or the state as to its use or disposition.\n 3. Any creditor of the authority, including a trustee for bondholders,\nshall have the right, subject to any contractual limitations binding\nupon such creditor or trustee, and subject to the prior or superior\nrights of others,\n (a) by suit, action or special proceeding, to enforce his rights\nagainst the authority and the board, including the right to require the\nauthority and the board to collect fees and revenues adequate to carry\nout any agreement as to, or pledge of, such fees and revenues and to\nrequire the authority and the board to carry out any other covenants and\nagreements and to perform its and their duties under this title;\n (b) by action or suit in equity to require the authority to account as\nif it were the trustee of an express trust;\n (c) by action or suit in equity to enjoin any acts or things which may\nbe unlawful or in violation of the rights of such creditor;\n (d) in the discretion of the court to the appointment of a receiver of\nthe property of the authority or any part or parts thereof, who may\nenter and take possession of the property of the authority or any part\nor parts thereof, and operate and maintain the same and collect and\nreceive all fees, rentals and other revenues thereafter arising\ntherefrom in the same manner as the authority itself might do, and shall\ndeposit all such moneys in a separate account and apply the same in\naccordance with the obligations of the authority as the court shall\ndirect. The authority may give the holders of its bonds or any trustee\nfor their benefit by agreement the right to the appointment of a\nreceiver.\n * NB (Abolished in 1975)\n