N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 624

§ 624. Termination of the corporation. The corporation and its\ncorporate existence shall continue until terminated by law; provided,\nhowever, that no such law shall take effect so long as the corporation\nshall have bonds, notes or other obligations outstanding. Upon\ntermination of the existence of the corporation all of its rights,\nproperty, assets and funds shall thereupon vest in and be possessed by\nthe state.\n