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2016 New York Laws
DCD - Debtor & Creditor
Article 2 - (Debtor & Creditor) GENERAL ASSIGNMENTS FOR THE BENEFIT OF CREDITORS
10 - Action on bond; application of recovery.

NY Debt & Cred L § 10 (2016) What's This?
 10. Action on bond; application of recovery. Any action brought upon
  an  assignee's bond may be prosecuted by a party in interest by leave of
  the court; and all moneys realized thereon shall be applied by direction
  of the judge in satisfaction of the debts of the assignor  in  the  same
  manner as the same ought to have been applied by such assignee.

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