N.Y. Bus. Corp. Law § 629

§ 629. Certain transfers or assignments by shareholders or subscribers;\n effect.\n Any transfer or assignment by a shareholder of his shares, or by a\nsubscriber for shares of his interest in the corporation, shall not\nrelieve him of any liability as a shareholder or subscriber if at the\ntime of such transfer or assignment the aggregate of the corporation's\nproperty, exclusive of any property which it may have conveyed,\ntransferred, concealed, removed, or permitted to be concealed or\nremoved, with intent to defraud, hinder or delay its creditors, is not\nat a fair valuation sufficient in amount to pay its debts, or if such\ncondition is imminent.\n