N.Y. Business Corporation Law § 629: Certain transfers or assignments by shareholders or subscribers; effect

§ 629. Certain transfers or assignments by shareholders or subscribers;

effect.

Any transfer or assignment by a shareholder of his shares, or by a

subscriber for shares of his interest in the corporation, shall not

relieve him of any liability as a shareholder or subscriber if at the

time of such transfer or assignment the aggregate of the corporation's

property, exclusive of any property which it may have conveyed,

transferred, concealed, removed, or permitted to be concealed or

removed, with intent to defraud, hinder or delay its creditors, is not

at a fair valuation sufficient in amount to pay its debts, or if such

condition is imminent.