N.Y. Local Finance Law § 85.50
Termination of stay
New York · New York Local Finance Law · Status: effective · Effective 2014-09-22
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- N.Y. Local Finance Law § 85.50, Termination of stay, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1114756
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Full text
§ 85.50 Termination of stay. Any order extending a stay pursuant to
section 85.40 of this title may be vacated or modified if, upon motion
of any creditor affected thereby, the court finds, after a hearing: (a)
that the municipality has failed to comply with a material provision of
the repayment plan; or (b) that, due to a material change in
circumstances, the repayment plan no longer complies with the
requirements of section 85.40 of this title. Upon the occurrence of the
final act necessary to carry out fully all of the terms and provisions
of the repayment plan with respect to those creditors who accept the
plan or any benefits thereunder, the court, after a hearing, upon motion
of any creditor or of the municipality or its emergency financial
control board, shall enter an order vacating any stay then in effect and
permanently enjoining any creditors who accepted the plan or any
benefits thereunder from commencing or continuing any action or special
proceeding or doing any other act within the scope of section 85.30 of
this title relating to any contract, debt or obligation included in the
plan.