N.Y. Debtor & Creditor Law Section 75
When assignment to be directed


An order, directing the execution of an assignment, must be made by the court, where it appears, by the verdict of the jury; or, if a jury has not been demanded, or the jurors have been discharged by reason of their inability to agree, where it satisfactorily appears to the court; as follows:

1.

That the petitioner is justly and truly indebted to the consenting creditors, in sums which amount, in the aggregate, to two-thirds of all the debts, which the petitioner owed, at the time of presenting his petition, to creditors residing within the United States.

2.

That he has honestly and fairly given a true account of his property.

3.

That he has, in all things, conformed to the matters required of him by this article.

Source: Section 75 — When assignment to be directed, https://www.­nysenate.­gov/legislation/laws/DCD/75 (updated Sep. 22, 2014; accessed Mar. 23, 2024).

50
Who may be discharged
51
To what court application to be made
52
Contents of petition
53
Consent of creditors to be annexed
54
Consent of executor, administrator, receiver, or trustee
55
Consent of corporation or joint-stock association
56
Consent of partnership
57
Effect of consent where petitioner is a joint debtor
58
Consent of purchaser or assignee of debt
59
Consenting creditor must relinquish security
60
Penalty if creditor swears falsely
61
Affidavit of consenting creditor
62
When non-resident creditor to annex accounts and securities
63
Petitioner’s schedule
64
Petitioner’s affidavit
65
Order to show cause
66
How order published and served
67
Hearing
68
Putting cause on calendar
69
Opposing creditor to file specifications, and may demand jury trial
70
Opposing creditor to file proofs, if not named in schedule
71
Proceedings if jurors do not agree
72
When insolvent required to produce his non-resident wife
73
Examination of insolvent
74
When insolvent cannot be discharged
75
When assignment to be directed
76
Assignment
77
Trustees, how designated
78
Effect of assignment
79
When discharge to be granted
80
Order to show cause where trustee refuses to give certificate
81
Proceedings upon return of order
82
Discharge and other papers to be recorded
83
Effect of discharge
84
Effect of discharge as to foreign contracts or creditors
85
Effect of discharge as to debts to the United States and the state
86
Insolvent to be released from imprisonment
87
Discharge, when void
88
Invalidity may be proved on motion to vacate order of arrest or execution

Accessed:
Mar. 23, 2024

Last modified:
Sep. 22, 2014

§ 75’s source at nysenate​.gov

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