Statute · New York Business Corporation Law
N.Y. Bus. Corp. Law § 629 — Certain transfers or assignments by shareholders or subscribers; effect
N.Y. Bus. Corp. Law § 629
- Type
- Statute
- Source
- New York Business Corporation Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 629. Certain transfers or assignments by shareholders or subscribers;
Citator
N.Y. Bus. Corp. Law § 629 — Certain transfers or assignments by shareholders or subscribers; effect is in force in the current edition of the Code, and nothing recorded condemns it.
§ 629. Certain transfers or assignments by shareholders or subscribers;
effect.
Any transfer or assignment by a shareholder of his shares, or by a subscriber for shares of his interest in the corporation, shall not relieve him of any liability as a shareholder or subscriber if at the time of such transfer or assignment the aggregate of the corporation's property, exclusive of any property which it may have conveyed, transferred, concealed, removed, or permitted to be concealed or removed, with intent to defraud, hinder or delay its creditors, is not at a fair valuation sufficient in amount to pay its debts, or if such condition is imminent.