New York Court of Appeals
Federal Deposit Insurance Corporation, Appellant v. Daniel A. Porco, Respondents, Defendant
February 13, 199075 N.Y.2d 840
Summary
The Court affirmed the Appellate Division’s order, holding that a creditor cannot recover money damages against parties who merely assist a debtor in transferring assets before a judgment. The Court reasoned that New York statutes §§278, 279, and 273‑a do not create such a remedy and that the longstanding common‑law rule rejecting causes of action for mere participation remains controlling.