2016 New York Laws
DCD - Debtor & Creditor
Article 2-A - (Debtor & Creditor) SECURED CREDITORS
30 - Definitions.

  30.  Definitions.  As  used  in this article, unless the context or
  subject matter requires otherwise:
(a) "Liquidation proceeding" includes all assignments for the  benefit
  of   creditors,  whether  voluntary  or  by  operation  of  law;  equity
  receiverships where the subject under receivership is insolvent; and any
  other proceedings for distribution of assets of  any  insolvent  debtor,
  whether  a  person,  partnership,  corporation  or  business association
  except proceedings under article seventy-four of the insurance  law  and
  article thirteen of the banking law.
(b)   "Liquidator"  means  any  person  administering  assets  in  any
  liquidation proceedings.
(c)  "Insolvent  debtor"  means  any  insolvent  person,  partnership,
  corporation   or   business   association   involved  in  a  liquidation
  proceeding.
(d) "Secured creditor" means  a  creditor  who  has  either  legal  or
  equitable  security  for  his  debt  upon  any property of the insolvent
  debtor of a nature to be liquidated and  distributed  in  a  liquidation
  proceeding, or a creditor to whom is owed a debt for which such security
  is  possessed  by  some  endorser,  surety,  or other person secondarily
  liable.
(e) "Creditor's sale"  includes  any  sale  effected  by  the  secured
  creditor  by  judicial  process  or  otherwise  under  the  terms of his
  contract or the applicable law for the purpose  of  realizing  upon  his
  security.