N.Y. Debtor & Creditor Law Section 78
Effect of assignment


The assignment vests in the trustee or trustees all the petitioner’s interest, legal or equitable, at the time of its execution, in any real or personal property, not exempt by law from levy and sale by virtue of an execution; and any contingent interest which may vest within three years thereafter. When a contingent interest so vests, it passes to the trustee, in the same manner as it would have vested in the petitioner, if he had not made an assignment.

Source: Section 78 — Effect of assignment, https://www.­nysenate.­gov/legislation/laws/DCD/78 (updated Sep. 22, 2014; accessed Jul. 20, 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:
Jul. 20, 2024

Last modified:
Sep. 22, 2014

§ 78’s source at nysenate​.gov

Link Style