N.Y. General Municipal Law § 787: Winding down the affairs of a dissolved local government entity

§ 787. Winding down the affairs of a dissolved local government

entity. 1. Upon the successful completion of dissolution proceedings

pursuant to this title, the governing body of the dissolving local

government entity shall wind down the affairs thereof, dispose of its

property as provided by law, make provisions for the payment of all

indebtedness thereof and for the performance of its contracts and

obligations, and, if applicable and appropriate under law, levy taxes

and assessments as necessary to accomplish the dissolution.

2. In furtherance of its duty to wind down the affairs of the local

government entity, the governing body shall cause notice to be given, in

the same manner as notice for a proposed dissolution plan pursuant to

section seven hundred seventy-five of this title, requiring all claims

against the dissolving local government entity, excluding any of its

outstanding securities, to be filed within a time fixed in the notice,

but not less than three months or more than six months, and all claims

not so filed shall be forever barred. At the expiration of such time the

governing body shall adjudicate claims so filed, and any resident of the

entity at the time of the effective date of the dissolution may appear

and defend against any claim so filed, or the governing body may in its

discretion appoint some person for that purpose.