New York Debtor & Creditor Law
Sec. § 252
Payment by Committee or Conservator of Claims

A committee of the property of a person, incompetent by reason of mental illness, mental retardation or alcohol abuse, to manage his affairs, or a conservator of the property of a conservatee, may, under direction of the court exercising jurisdiction of such estate, after payment of the expenses, disbursements and commissions of such trust, apply so much of the funds and property of said estate remaining in his hands as such committee or conservator, as may be necessary to pay and discharge the proper claims of creditors who have presented claims pursuant to the notice in this article provided for, to the payment of such claims, and if the property so remaining be insufficient to pay such claims in full, then the committee or conservator may distribute the same according to law among the creditors who have presented and proved their claims as in this article provided, and such payment, when so made in good faith and under direction of such court, shall relieve such committee or conservator and his sureties from liability to creditors who have failed to present their claims as in this article provided.
Last accessed
Dec. 13, 2016