N.Y.
Debtor & Creditor Law Section 151
Right of set off against unmatured debts
(a)
the filing of a petition under any of the provisions of the federal bankruptcy act or amendments thereto or the commencement of any proceeding under any foreign bankruptcy, insolvency, debtor relief or other similar statute or body of law, by or against a creditor;(b)
the making of an assignment by a creditor for the benefit of its creditors;(c)
the application for the appointment, or the appointment, of any receiver of, or of any of the property of a creditor;(d)
the issuance of any execution against any of the property of a creditor;(e)
the issuance of a subpoena or order, in supplementary proceedings, against or with respect to any of the property of a creditor; or(f)
the issuance of a warrant of attachment against any of the property of a creditor, to set off and apply against any indebtedness, whether matured or unmatured, of such creditor to such debtor, any amount owing from such debtor to such creditor, at or at any time after, the happening of any of the above mentioned events, and the aforesaid right of set off may be exercised by such debtor against such creditor or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of such creditor, or against anyone else claiming through or against such creditor or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receivers, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set off shall not have been exercised by such debtor prior to the making, filing or issuance, or service upon such debtor of, or of notice of, any such petition; assignment for the benefit of creditors; appointment or application for the appointment of a receiver; or issuance of execution, subpoena or order or warrant.
Source:
Section 151 — Right of set off against unmatured debts, https://www.nysenate.gov/legislation/laws/DCD/151 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
