New York § 151 - 151Right of set off against unmatured debts
Full text of New York New York Consolidated Laws § 151 — 151Right of set off against unmatured debts, with citation guidance and answers to common questions.
§ 151. 151Right of set off against unmatured debts
§ 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 151
What does New York Consolidated Laws § 151 cover?
Section 151 ("151Right of set off against unmatured debts") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 151?
A common citation format is "New York Consolidated Laws § 151" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 151 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.