N.Y. Multiple Dwelling Law 359 – Receivership
§ 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.
Terms Used In N.Y. Multiple Dwelling Law 359
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.