N.Y. Laws » CHAPTER Business Corporation / ARTICLE Receivership
New York Consolidated Laws

N.Y. Business Corporation Law § 1202 (2026)

Appointment of receiver of property of a domestic or foreign corporation

✓ current as of May 2026
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§ 1202. Appointment of receiver of property of a domestic or foreign
          corporation.
  (a) A receiver of the property of a corporation can be appointed only
by the court, and in one of the following cases:
  (1) An action or special proceeding brought under article 10
(Non-judicial dissolution) or 11 (Judicial dissolution).
  (2) An action under section 1201 (Action by judgment creditor for
sequestration).
  (3) An action brought by the attorney-general or by a shareholder to
preserve the assets of a corporation, which has no officer within this
state qualified to administer them.
  (4) An action to preserve the assets in this state, of any kind,
tangible or intangible, of a foreign corporation which has been
dissolved, nationalized or its authority or existence otherwise
terminated or cancelled in the jurisdiction of its incorporation or
which has ceased to do business, brought by any creditor or shareholder
of such corporation or by one on whose behalf an order of attachment
against the property of such corporation has been issued.
  (b) A receiver shall be subject to the control of the court at all
times and may be removed by the court at any time.
  (c) All actions or special proceedings brought by or against a
receiver shall have a preference upon the calendars of all courts next
in order to actions or special proceedings brought by the people of the
state of New York.
Notes of Decisions
Cited in 14 cases (1 in the last 5 years), 1988–2022 · leading case: Jakubowicz v. A.C. Green Elec. Contractors, Inc., 25 A.D.3d 146 (N.Y. App. Div. 2005).
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Jakubowicz v. A.C. Green Elec. Contractors, Inc., 25 A.D.3d 146 (N.Y. App. Div. 2005). · cites it 2× “In March 2002, pursuant to Business Corporation Law § 1202 (a) (1), Dudley Gaffin, Esq.”
In re Kane, 553 N.E.2d 1005 (N.Y. 1990). “A receivership is a creature of the court (see generally, Business Corporation Law art 12; CPLR art 64), "subject to the control of the court at all times” (Business Corporation Law § 1202 [b]), and functions in the place of and as the instrumentality of the court itself.”
Goldman v. Bernardini, 246 A.D.2d 510 (N.Y. App. Div. 1998). “In an action, inter alia, to rescind a stock purchase pursuant to Business Corporation Law § 1202 (b) and CPLR 6405, the plaintiff appeals from an order of the Supreme Court, Suffolk County (Seidell, J.”
Rosan v. Vassell, 257 A.D.2d 436 (N.Y. App. Div. 1999). “Snitow, the receiver appointed by the motion court, pursuant to that stipulation, in our judgment remains essential to the preservation of the corporation’s assets during the pendency of the underlying litigation (see, Business Corporation Law § 1202 [b]; Koral v Savory, Inc.”
Tobias v. Tobias, 192 A.D.2d 438 (N.Y. App. Div. 1993). “Finally, the ninth cause of action requesting the appointment of a receiver is deficient in that the requirements for such an appointment as specified in Business Corporation Law § 1202 are not alleged.”
State v. Chatsworth Realty Corp., 284 A.D.2d 260 (N.Y. App. Div. 2001). “While it is not clear that the receivership at issue is in fact a CPLR receivership, and our prior decision in this matter (see, 143 AD2d 596 , appeal dismissed 73 NY2d 995 ) notes that this receivership proceeding arises under Business Corporation Law § 1202 (a) (3), the award…”
Serio v. Hevesi, 40 A.D.3d 72 (N.Y. App. Div. 2007). “He contends that, as liquidator of a distressed insurer, he acts as a court-appointed receiver, much like any other receiver in a corporate dissolution proceeding (Business Corporation Law § 1202) and, as an agent of the court, he is subject only to the court’s direction.”
Hoffman v. Eagle Box Co., 305 A.D.2d 544 (N.Y. App. Div. 2003). · cites it 2× “Business Corporation Law § 1202 (a) sets forth the limited circumstances in which a court is authorized to appoint a temporary receiver, which include judicial or nonjudicial dissolution, or an action to preserve the assets of a foreign corporation in this state which has, inter…”
Abrams v. Chatsworth Realty Corp., 143 A.D.2d 596 (N.Y. App. Div. 1988). “On November 19, 1985 Justice Evans consolidated the RPAPL article 7-A proceeding with the Executive Law § 63 (12) proceeding and the Business Corporation Law § 1202 (a) (3) proceeding.”
Matter of Cellino v. Cellino & Barnes, P.C., 2019 NY Slip Op 6365 (N.Y. App. Div. 2019). “Respondents moved, inter alia, for summary judgment dismissing the amended petition, and petitioner cross-moved for the appointment of a temporary receiver pursuant to Business Corporation Law § 1202 (a) (1). In appeal No.”
Max v. ALP, Inc., 2022 NY Slip Op 01969 (N.Y. App. Div. 2022). “In the amended complaint, plaintiffs assert personal and derivative causes of action for (1) breach of fiduciary duty; (2) appointment of a receiver pursuant to CPLR 6401(a) and Business Corporation Law § 1202(3); (3) declaratory judgment voiding a December 10, 2018 board…”
Rodriguez v. Estevez, 79 A.D.3d 513 (N.Y. App. Div. 2010). “Although the stipulation permits the court to appoint a receiver pursuant to the Business Corporation Law, the receiver was properly appointed pursuant to the CPLR following defendants’ default and the entry of judgment (compare Business Corporation Law § 1202 [a] with CPLR…”
Show all 14 citing cases →
N.Y. Business Corporation Law § 1202(3): 1 case
Max v. ALP, Inc., 2022 NY Slip Op 01969 (N.Y. App. Div. 2022). “In the amended complaint, plaintiffs assert personal and derivative causes of action for (1) breach of fiduciary duty; (2) appointment of a receiver pursuant to CPLR 6401(a) and Business Corporation Law § 1202(3); (3) declaratory judgment voiding a December 10, 2018 board…”
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