1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 12: Receivership


Section 1204 Oath and security

Business Corporation (BSC)

  (a) A receiver, before entering upon his duties, shall:

  (1) Take and subscribe an oath that he will faithfully, honestly and impartially discharge the trust committed to him, and the oath shall be filed with the clerk of the court in which the action or special proceeding is pending.

  (2) File with the clerk of such court a bond to the people, with at least two sufficient sureties or a bond executed by any fidelity or surety company authorized by the laws of this state to transact business, in a penalty fixed by the court appointing him, conditioned for the faithful discharge of his duties as receiver. The court may at any time direct a receiver to give a new bond with new sureties and with like condition.