N.Y. Debtor & Creditor Law § 166: Powers of trustees

§ 166. Powers of trustees. The said trustees shall have power:

1. To sue in their own names or otherwise, and recover all the estate,

debts and things in action, belonging or due to such debtor, in the same

manner and with the like effect as such debtor might or could have done

if no trustees had been appointed, and no set-off shall be allowed in

any such suit, for any debt, unless it was owing to such creditor, by

such debtor, before presenting the petition of the insolvent under said

articles. But no suit in equity shall be brought by assignees of

insolvents under the third or fourth articles, without the consent of

the creditors having a major part of the debts which shall have been

exhibited and allowed, unless the sum in controversy exceeds five

hundred dollars;

2. To take into their hands, all the estate of such debtor, whether

delivered to them, or afterwards discovered; and all books, vouchers and

securities relating to the same;

3. From time to time, to sell at public auction, all the estate, real

and personal, vested in them, which shall come to their hands, after

giving at least fourteen days' public notice of the time and place of

sale, and also publishing the same for two weeks in a newspaper, printed

in the county, where the sale shall be made, if there be one;

4. To allow such credit on the sale of real property by them, as they

shall deem reasonable, not exceeding eighteen months, for not more than

three-fourths of the purchase money; which credit shall be secured by a

bond or note of the purchaser, and a mortgage on the property sold;

5. On such sales, to execute the necessary conveyances and bills of

sale;

6. To redeem all real or personal property subject to a security

interest or mortgage, and to satisfy any judgments which may be an

incumbrance on any property so sold by them; or to sell such property

subject to such mortgages, security interests or judgments;

7. To settle all matters and accounts between such debtor, and his

debtors, or creditors, and to examine any person touching such matters

and accounts, on oath, to be administered by either of them;

8. Under the order of the court appointing them, to compound with any

person indebted to such debtor, and thereupon to discharge all demands

against such person.