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Article 185 - NY Penal Law

FRAUDS ON CREDITORS

Section Offense Class
185.00 Fraud in insolvency. A MISD
185.05 Fraud involving a security interest. A MISD
185.10 Fraudulent disposition of mortgaged property. A MISD
185.15 Fraudulent disposition of property subject to a conditional sale contract. A MISD
S 185.00 Fraud in insolvency.
  1. As used in this section, "administrator" means an assignee or
trustee for the benefit of creditors, a liquidator, a receiver or any
other person entitled to administer property for the benefit of
creditors.
  2. A person is guilty of fraud in insolvency when, with intent to defraud
any creditor and knowing that proceedings have been or are about to be instituted
for the appointment of an administrator, or knowing that a composition agreement or
other arrangement for the benefit of creditors has been or is about to be made, he
  (a) conveys, transfers, removes, conceals, destroys, encumbers or
otherwise disposes of any part of or any interest in the debtor`s
estate; or
  (b) obtains any substantial part of or interest in the debtor`s
estate; or
  (c) presents to any creditor or to the administrator any writing or
record relating to the debtor`s estate knowing the same to contain a
false material statement; or
  (d) misrepresents or fails or refuses to disclose to the administrator
the existence, amount or location of any part of or any interest in the
debtor`s estate, or any other information which he is legally required
to furnish to such administrator.
  Fraud in insolvency is a class A misdemeanor.

S 185.05 Fraud involving a security interest.
  A person is guilty of fraud involving a security interest when, having
executed a security agreement creating a security interest in personal
property securing a monetary obligation owed to a secured party, and:
  1. Having under the security agreement both the right of sale or other
disposition of the property and the duty to account to the secured party
for the proceeds of disposition, he sells or otherwise disposes of the
property and wrongfully fails to account to the secured party for the
proceeds of disposition; or
  2. Having under the security agreement no right of sale or other
disposition of the property, he knowingly secretes, withholds or
disposes of such property in violation of the security agreement.
  Fraud involving a security interest is a class A misdemeanor.

S 185.10 Fraudulent disposition of mortgaged property.
  A person is guilty of fraudulent disposition of mortgaged property
when, having theretofore executed a mortgage of real or personal
property or any instrument intended to operate as such, he sells,
assigns, exchanges, secretes, injures, destroys or otherwise disposes of
any part of the property, upon which the mortgage or other instrument is
at the time a lien, with intent thereby to defraud the mortgagee or a
purchaser thereof.
  Fraudulent disposition of mortgaged property is a class A misdemeanor.

S 185.15 Fraudulent disposition of property subject to a conditional
              sale contract.
  A person is guilty of fraudulent disposition of property subject to a
conditional sale contract when, prior to the performance of the
condition of a conditional sale contract and being the buyer or any
legal successor in interest of the buyer, he sells, assigns, mortgages,
exchanges, secretes, injures, destroys or otherwise disposes of the
goods subject to the conditional sale contract under claim of full
ownership, with intent thereby to defraud another.
  Fraudulent disposition of property subject to a conditional sale contract
 is a class A misdemeanor.

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