New York Court of Appeals
In the Matter of the General Assignment for the Benefit of Creditors of International Ribbon Mills, Ltd., Assignor…
February 19, 197536 N.Y.2d 121
Summary
The New York Court of Appeals held that a judgment creditor who serves a restraining notice and issues a property execution has a superior interest in the debtor's assets over a later assignee for the benefit of creditors, and reversed the Appellate Division’s dismissal of the turnover proceeding.