Manufacturers Trust Co. v. Roerich Museum

We conclude that under section 150 of the General Corporation Law a receiver can only be appointed in an action brought to foreclose a mortgage upon property of a corporation where it appears (1) that the mortgage debt or the interest thereon has been unpaid for thirty days after payment demanded; and (2) that either the income of the property is specifically mortgaged, or the property itself appears to be insufficient to pay the debt.

The statute provides that no receiver can be appointed until thirty days after demand. The requirement of the statute as to default, demand and failure to pay…