N.Y. Debtor & Creditor Law § 10: Action on bond; application of recovery

§ 10. Action on bond; application of recovery. Any action brought upon

an assignee's bond may be prosecuted by a party in interest by leave of

the court; and all moneys realized thereon shall be applied by direction

of the judge in satisfaction of the debts of the assignor in the same

manner as the same ought to have been applied by such assignee.