N.Y. Not-for-Profit Corporation Law Section 1112
Certain sales, transfers, security interests and judgments void

A sale, mortgage, conveyance or other transfer of, or the creation of a security interest in any property of a corporation made, without prior approval of the court, after service upon the corporation of a summons in an action, or of an order to show cause in a special proceeding, under this article in payment of or as security for an existing or prior debt or for any other or for no consideration, or a judgment thereafter rendered against the corporation by confession or upon the acceptance of any offer, shall be void as against such persons and, to such extent, if any, as the court shall determine.

Source: Section 1112 — Certain sales, transfers, security interests and judgments void, https://www.­nysenate.­gov/legislation/laws/NPC/1112 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 1112’s source at nysenate​.gov

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