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2019 New York Laws
DCD - Debtor and Creditor
Article 6-A - Right of Set Off Against Unmatured Debts
151 - Right of Set Off Against Unmatured Debts.

Universal Citation: NY Debt & Cred L § 151 (2019)
§  151.  Right  of set off against unmatured debts. Every debtor shall
have the right upon:
  (a) the filing of a petition  under  any  of  the  provisions  of  the
federal  bankruptcy act or amendments thereto or the commencement of any
proceeding under any foreign bankruptcy, insolvency,  debtor  relief  or
other similar statute or body of law, by or against a creditor;
  (b)  the  making of an assignment by a creditor for the benefit of its
creditors;
  (c) the application for the appointment, or the  appointment,  of  any
receiver of, or of any of the property of a creditor;
  (d)  the  issuance  of  any execution against any of the property of a
creditor;
  (e) the issuance of a subpoena or order, in supplementary proceedings,
against or with respect to any of the property of a creditor; or
  (f) the issuance of  a  warrant  of  attachment  against  any  of  the
property of a creditor,
to  set  off  and  apply  against  any  indebtedness, whether matured or
unmatured, of such creditor to such debtor, any amount owing  from  such
debtor  to  such creditor, at or at any time after, the happening of any
of the above mentioned events, and the aforesaid right of set off may be
exercised by such debtor against such creditor or against any trustee in
bankruptcy, debtor in possession, assignee for the benefit of creditors,
receiver or execution, judgment or attachment creditor of such creditor,
or against anyone else claiming through or against such creditor or such
trustee in bankruptcy, debtor in possession, assignee for the benefit of
creditors, receivers, or execution,  judgment  or  attachment  creditor,
notwithstanding  the fact that such right of set off shall not have been
exercised by such debtor prior to the making,  filing  or  issuance,  or
service  upon  such  debtor  of,  or  of  notice  of, any such petition;
assignment for the benefit of creditors; appointment or application  for
the  appointment  of  a  receiver; or issuance of execution, subpoena or
order or warrant.
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