N.Y. Debtor & Creditor Law § 24: Appraisal of estate in the hands of assignee

§ 24. Appraisal of estate in the hands of assignee. Whenever it shall

become necessary to appraise in whole or in part any estate in the hands

of any assignee for the benefit of creditors, the persons whose duty it

shall be to make such appraisal shall value the real estate at its full

and true value, taking into consideration actual sales of neighboring

real estate similarly situated during the year immediately preceding the

date of such appraisal, if any; and they shall value all such property,

stocks, bonds or securities as are customarily bought or sold in open

markets in the city of New York or elsewhere, for the day on which such

appraisal or report may be required, by ascertaining the range of the

market and the average of prices as thus found, running through a

reasonable period of time.