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tures, sermons, libraries, reading rooms, social meetings and such other means and services as may conduce to the accomplishment of this object.

§ 4. This corporation may make such a constitution and the Constituboard of directors such by-laws and rules for the regulation of laws and its business, the management of its affairs, the choice, powers and rules. duties of its officers and agents, as are not inconsistent with its charter and the laws of this state.

§ 6. The body corporate created by this act shall be capable Powers as of taking by purchase, gift, devise or bequest, subject to all pro- property. visions of law relating to devises and bequests by last wills and testaments, any real or personal estate for the uses of said corporation and such estate shall be held in the name of said corporation. The board of directors shall manage the real estate of the association Manageand may, when the board of trustees so consents, sell, mortgage or real estate. convey the same, and the income derived therefrom shall be applied for the purposes named

in this act and for other purpose. The board of trustees shall have the custody of

Manageand manage all the endowment and special permanent funds of ment of the association and the securities and other property in which they may be invested, and may sell the same and invest and reinvest the proceeds thereof, unless otherwise specially directed by the donors of any securities or funds, in land and buildings to be used in carrying out the purposes of the association or in securities allowed by the laws of the state of New York for trustee investments, or they may retain the securities as delivered by the donors; and they shall pay over to the board of directors the income of the property so managed by them to be applied for the purposes named in this act and for no other purpose. The board of trustees shall Trustees ; consist of nine trustees, each of whom shall be a member of one eligibility. of the Protestant Evangelical denominations, but no more than three elected members shall be members of any one denomination. The president of this corporation for the time shall be one of such President. nine truseees. Frederick Marquard,* Jonathan Sturges, Stewart Brown, Robert L. Kennedy, Charles C. Colgate, Percy R. Pyne, board of Robert L. Stuart and James Stokes, together with said president, are hereby created such board of trustees, and whenever a vacancy Vacancies. shall occur in said board, the same shall be filled by a majority vote of the trustees remaining. The real estate held by the associa- Liability tion shall not be liable for any future debt or obligation of the as- of real sociation unless the same shall have been contracted with the ap- debts, proval of the said board of trustees.

§ 2. Section seven of such chapter, as amended by chapter two hundred and forty-eight of the laws of eighteen hundred and amended. seventy, is hereby amended to read as follows:

§ 7. Upon the acceptance of this charter by the “New York When Young Men's Christian Association, as provided in the fifth sec- in effect. tion, this act shall take effect and become operative.

§ 3. Section eight of such chapter is hereby amended to read 8 as follows:

* So in original. [Should be Marquand.”]

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Amount of property limited.

§ 8. All devises and bequests to said corporation and the amount of property which said corporation may take and hold shall be subject to the general laws applicable thereto.

$ 4. Section nine of such chapter is hereby repealed.
Š 5. This act shall take effect immediately.

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CHAPTER 253
AN ACT to amend the decedent estate law, in relation to suit by foreign

executors and administrators and continuing actions and proceedings

against such executors and administrators. Became a law April 1, 1925, with the approval of the Governor. Passed,

three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section one hundred and sixty of chapter eighteen of the laws of nineteen hundred and nine, entitled “An act relating to estates of deceased persons, constituting chapter thirteen of the consolidated laws, as added by chapter nine hundred and nineteen of the laws of nineteen hundred and twenty, is hereby amended to read as follows:1

§ 160. Foreign executor or administrator may sue or be sued. 1. An executor or administrator duly appointed in any other state, territory or district of the United States or in any foreign country may sue or be sued in any court in this state in his capacity of executor or administrator in like manner and under like restrictions as a non-resident may sue or be sued, if, within twenty days after any such executor or administrator shall commence, or appear in, any action or proceeding in any court in this state or within twenty days after he shall be required or directed by summons or otherwise to appear therein, there shall be filed in the office of the clerk of the court, in which such action or proceeding shall be brought or be pending, a copy of the letters testamentary or letters of administration issued to such executor or administrator duly authenticated as prescribed by section forty-five of this chapter; in default whereof all proceedings in such action or proceeding may be stayed until such duly authenticated copy of such letters shall be so filed.

2. An action or proceeding pending in any court of this state in which the court shall have obtained jurisdiction of the person of a defendant or respondent who is domiciled in any other state, territory or district of the United States or in any foreign country shall, if the cause of action survives, not abate by reason of the death of such defendant or respondent but his executor or administrator duly appointed in such state, territory or district of the United States or foreign country, shall, upon the application of the adverse party, and upon such notice as the court may prescribe, be brought in and substituted in the place of the decedent and the action or proceeding shall continue.

2 As added by L. 1907, ch. 250.

1 Section 160 is again amended by L. 1925, ch. 603, post. The amendments here effected are not incorporated in g 160 as amended by said ch. 603.

2 Division of section into subdivisions new. 3 Subd. 2 new.

§ 2. This act shall take effect immediately.

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CHAPTER 254
AN ACT to amend the debtor and creditor law, in relation to fraudulent

conveyances.
Became a law April 1, 1925, with the approval of the Governor. Passed,

three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Chapter seventeen of the laws of nineteen hundred Art. 10 and nine, entitled “An act relating to debtors and creditors, con

281) stituting chapter twelve of the consolidated laws,' is hereby added to amended by adding thereto a new article, to be article ten, to read ch. 17. as follows:

ARTICLE 10.

FRAUDULENT CONVEYANCES.
Section 270. Definition of terms.

271. Insolvency.
272. Fair consideration.
273. Conveyances by insolvent.
274. Conveyances by persons in business.
275. Conveyances by a person about to incur debts.
276. Conveyance made with intent to defraud.
277. Conveyance of partnership property.
278. Rights of creditors whose claims have matured.
279. Rights of creditors whose claims have not matured.
280. Cases not provided for in article.

281. Construction of article.
§ 270. Definition of terms. In this article "assets” of a debtor
means property not exempt from liability for his debts. To the
extent that any property is liable for any debts of the debtor, such
property shall be included in his assets.

Conveyance" includes every payment of money, assignment, release, transfer, lease, mortgage or pledge of tangible or intangible property, and also the creation of any lien or incumbrance.

Creditor" is a person having any claim, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent.

"Debt" includes any legal liability, whether matured or unmatured, liquidated or unliquidated, absolute, fixed or contingent.

§ 271. Insolvency. 1. A person is insolvent when the present fair salable value of his assets is less than the amount that will be required to pay his probable liability on his existing debts as they become absolute and matured.

2. In determining whether a partnership is insolvent there shall be added to the partnership property the present fair salable value of the separate assets of each general partner in excess of the amount probably sufficient to meet the claims of his separate creditors, and also the amount of any unpaid subscription to the partnership of each limited partner, provided the present fair salable value of the assets of such limited partner is probably sufficient to pay his debts, including such unpaid subscription.

$ 272. Fair consideration. Fair consideration is given for property, or obligation,

a. When in exchange for such property, or obligation, as a fair equivalent therefor, and in good faith, property is conveyed or an antecedent debt is satisfied, or

b. When such property, or obligation is received in good faith to secure a present advance or antecedent debt in amount not disproportionately small as compared with the value of the property, or obligation obtained.

§ 273. Conveyances by insolvent. Every conveyance made and every obligation incurred by a person who is or will be thereby rendered insolvent is fraudulent as to creditors without regard to his actual intent if the conveyance is made or the obligation is incurred without a fair consideration.

§ 274. Conveyances by persons in business. Every conveyance made without fair consideration when the person making it is engaged or is about to engage in a business or transaction for which the property remaining in his hands after the conveyance is an unreasonably small capital, is fraudulent as to crcditors and as to other persons who become creditors during the continuance of such business or transaction without regard to his actual intent.

§ 275. Conveyances by a person about to incur debts. Every conveyance made and every obligation incurred without fair consideration when the person making the conveyance or entering into the obligation intends or believes that he will incur debts beyond his ability to pay as they mature, is fraudulent as to both present and future creditors.

$ 276. Conveyance made with intent to defraud. Every conveyance made and every obligation incurred with actual intent, as distinguished from intent presumed in law, to hinder, delay, or defraud either present or future creditors, is fraudulent as to both present and future creditors.

$ 277. Conveyance of partnership property. Every conveyance of partnership property and every partnership obligation incurred when the partnership is or will be thereby rendered insolvent, is fraudulent as to partnership creditors, if the conveyance is made or obligation is incurred,

a. To a partner, whether with or without a promise by

b. To a person not a partner without fair consideration to the partnership as distinguished from consideration to the individual partners.

§ 278. Rights of creditors whose claims have matured. 1. Where a conveyance or obligation is fraudulent as to a creditor, such

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creditor, when his claim has matured, may, as against any person except a purchaser for fair consideration without knowledge of the fraud at the time of the purchase, or one who has derived title immediately or mediately from such a purchaser,

a. Have the conveyance set aside or obligation annulled to the extent necessary to satisfy his claim, or

b. Disregard the conveyance and attach or levy execution upon the property conveyed.

2. A purchaser who without actual fraudulent intent has given less than a fair consideration for the conveyance or obligation, may retain the property or obligation as security for repayment.

§ 279. Rights of creditors whose claims have not matured. Where a conveyance made or obligation incurred is fraudulent as to a creditor whose claim has not matured he may proceed in a court of competent jurisdiction against any person against whom he could have proceeded had his claim matured, and the court may,

a. Restrain the defendant from disposing of his property.
b. Appoint a receiver to take charge of the property,
c. Set aside the conveyance or annul the obligation, or

d. Make any order which the circumstances of the case may require.

§ 280. Cases not provided for in article. In any case not proThe vided for in this article the rules of law and equity including the

law merchant, and in particular the rules relating to the law of principal and agent, and the effect of fraud, misrepresentation, duress or coercion, mistake, bankruptcy or other invalidating cause shall govern.

§ 281. Construction of article. This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the laws of those states which enact it.

§ 2. Article ten and sections two hundred and eighty and two Art. 10 hundred and eighty-one of such chapter are hereby renumbered article eleven and sections two hundred and ninety and two hun- renumdred and ninety-one, respectively.

($ $ 290, § 3. Section thirty-five of chapter forty-five of the laws of nineteen hundred and nine, entitled An act relating to personal prop- 1. 1909, nyerty, constituting chapter forty-one of the consolidated laws,” is ch: 45, hereby repealed.

§ 4. Sections two hundred and sixty-two, two hundred and sixty- L. 1909, three and two hundred and sixty-four of chapter fifty-two of the che laws of nineteen hundred and nine, entitled “An act relating to 204 real property, constituting chapter fifty of the consolidated laws,' repealed. are hereby repealed.

§ 5. This act shall not affect any action or proceeding now pend- Pending ing in any court.

§ 6. This act shall take effect immediately.

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($ $ 280, 281)

art. 11

291).

§ 35 repealed.

actions.

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