N.Y. Multiple Dwelling Law Section 359
Receivership

Whenever the lien or liens established by judgment pursuant to this article shall amount to one thousand dollars or more, and there be no stay pending appeal, the department shall appoint a receiver of the rents and profits of such premises. Such receiver shall give security for the performance of his duties in the manner and form fixed by the department. He shall have the powers and duties of a receiver of rents and profits of real estate appointed by the supreme court; provided, that the corporation counsel shall act as his counsel and the receiver shall not be allowed any expenditure for counsel fees, and his commissions shall be ten per centum of his collections, which sum shall be full compensation for his services and those of any agent or agents whom he may employ. Such receivership shall continue until the amount of such liens with interest thereon at the rate of six per centum, and of the commissions, have been fully paid; provided, that nothing in this section shall be construed to prevent any prior lienor from applying to the court in a proper case for a receiver of the premises.

Source: Section 359 — Receivership, https://www.­nysenate.­gov/legislation/laws/MDW/359 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 359’s source at nysenate​.gov

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