New York — The Creditor's Playground

Law360, New York (June 29, 2009, 12:00 AM EDT) -- The New York Court of Appeals, which is the highest court in the state, has just issued a holding that may effectively make the courts in New York the collection agency against almost any debtor that does not have all its assets hidden under its mattress.

The court has held that the assets of a judgment debtor which are in the possession of an entity, such as a bank or a brokerage house, that does business in New York, can be executed against through a special...
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