2012 New York Consolidated Laws
DCD - Debtor & Creditor
Article 7 - (160 - 218) TRUSTEES FOR INSOLVENT AND IMPRISONED DEBTORS
166 - Powers of trustees.

 
    § 166. Powers of trustees. The said trustees shall have power:
    1. To sue in their own names or otherwise, and recover all the estate,
  debts and things in action, belonging or due to such debtor, in the same
  manner  and with the like effect as such debtor might or could have done
  if no trustees had been appointed, and no set-off shall  be  allowed  in
  any  such  suit,  for any debt, unless it was owing to such creditor, by
  such debtor, before presenting the petition of the insolvent under  said
  articles.  But  no  suit  in  equity  shall  be  brought by assignees of
  insolvents under the third or fourth articles, without  the  consent  of
  the  creditors  having  a  major part of the debts which shall have been
  exhibited and allowed,  unless  the  sum  in  controversy  exceeds  five
  hundred dollars;
    2.  To  take  into their hands, all the estate of such debtor, whether
  delivered to them, or afterwards discovered; and all books, vouchers and
  securities relating to the same;
    3. From time to time, to sell at public auction, all the estate,  real
  and  personal,  vested  in  them, which shall come to their hands, after
  giving at least fourteen days' public notice of the time  and  place  of
  sale, and also publishing the same for two weeks in a newspaper, printed
  in the county, where the sale shall be made, if there be one;
    4.  To allow such credit on the sale of real property by them, as they
  shall deem reasonable, not exceeding eighteen months, for not more  than
  three-fourths  of the purchase money; which credit shall be secured by a
  bond or note of the purchaser, and a mortgage on the property sold;
    5. On such sales, to execute the necessary conveyances  and  bills  of
  sale;
    6.  To  redeem  all  real  or  personal property subject to a security
  interest or mortgage, and to satisfy  any  judgments  which  may  be  an
  incumbrance  on  any  property so sold by them; or to sell such property
  subject to such mortgages, security interests or judgments;
    7. To settle all matters and accounts between  such  debtor,  and  his
  debtors,  or  creditors, and to examine any person touching such matters
  and accounts, on oath, to be administered by either of them;
    8. Under the order of the court appointing them, to compound with  any
  person  indebted  to such debtor, and thereupon to discharge all demands
  against such person.