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N.Y. LFN Law § 85.50

This is the official text of N.Y. LFN Law § 85.50, part of New York’s LFN Law — part of the compiled statutory law of New York, published by the state as "LFN Law." Browse the sections below, each linked to its official government source.

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Termination of stay

Official statutory text

§ 85.50 Termination of stay. Any order extending a stay pursuant to\nsection 85.40 of this title may be vacated or modified if, upon motion\nof any creditor affected thereby, the court finds, after a hearing: (a)\nthat the municipality has failed to comply with a material provision of\nthe repayment plan; or (b) that, due to a material change in\ncircumstances, the repayment plan no longer complies with the\nrequirements of section 85.40 of this title. Upon the occurrence of the\nfinal act necessary to carry out fully all of the terms and provisions\nof the repayment plan with respect to those creditors who accept the\nplan or any benefits thereunder, the court, after a hearing, upon motion\nof any creditor or of the municipality or its emergency financial\ncontrol board, shall enter an order vacating any stay then in effect and\npermanently enjoining any creditors who accepted the plan or any\nbenefits thereunder from commencing or continuing any action or special\nproceeding or doing any other act within the scope of section 85.30 of\nthis title relating to any contract, debt or obligation included in the\nplan.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.