Statute · New York Debtor & Creditor Law
N.Y. Debt. & Cred. Law § 58 — Consent of purchaser or assignee of debt
N.Y. Debt. & Cred. Law § 58
- Type
- Statute
- Source
- New York Debtor & Creditor Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 58. Consent of purchaser or assignee of debt. Where a consenting creditor is the purchaser or assignee of a debt against the petitioner, or the executor, administrator, trustee, or receiver of such a purchaser or assignee, he is deemed, for all the purposes of this article, except as to the…
Citator
N.Y. Debt. & Cred. Law § 58 — Consent of purchaser or assignee of debt is in force in the current edition of the Code, and nothing recorded condemns it.
§ 58. Consent of purchaser or assignee of debt. Where a consenting creditor is the purchaser or assignee of a debt against the petitioner, or the executor, administrator, trustee, or receiver of such a purchaser or assignee, he is deemed, for all the purposes of this article, except as to the declaration and receipt of dividends, a creditor only to the amount, actually and in good faith paid for the debt, by him, or by the decedent or other person, from whom he derives title, and remaining uncollected. This section is not affected by the recovery of a judgment for the debt, after the purchase or assignment; but in that case, the consenting creditor may include the uncollected costs, as if they were part of the sum paid for the debt.