N.Y. Debtor & Creditor Law § 30: Definitions

§ 30. Definitions. As used in this article, unless the context or

subject matter requires otherwise:

(a) "Liquidation proceeding" includes all assignments for the benefit

of creditors, whether voluntary or by operation of law; equity

receiverships where the subject under receivership is insolvent; and any

other proceedings for distribution of assets of any insolvent debtor,

whether a person, partnership, corporation or business association

except proceedings under article seventy-four of the insurance law and

article thirteen of the banking law.

(b) "Liquidator" means any person administering assets in any

liquidation proceedings.

(c) "Insolvent debtor" means any insolvent person, partnership,

corporation or business association involved in a liquidation

proceeding.

(d) "Secured creditor" means a creditor who has either legal or

equitable security for his debt upon any property of the insolvent

debtor of a nature to be liquidated and distributed in a liquidation

proceeding, or a creditor to whom is owed a debt for which such security

is possessed by some endorser, surety, or other person secondarily

liable.

(e) "Creditor's sale" includes any sale effected by the secured

creditor by judicial process or otherwise under the terms of his

contract or the applicable law for the purpose of realizing upon his

security.