N.Y. Debtor & Creditor Law § 10

§ 10. Action on bond; application of recovery. Any action brought upon\nan assignee's bond may be prosecuted by a party in interest by leave of\nthe court; and all moneys realized thereon shall be applied by direction\nof the judge in satisfaction of the debts of the assignor in the same\nmanner as the same ought to have been applied by such assignee.\n