NY Pub Auth L § 2440 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 18 - State of New York Municipal Bond Bank Agency Act 2440 - Remedies of Bondholders and Noteholders.

§ 2440. Remedies of bondholders and noteholders. (1) In the event that the  agency  shall default in the payment of principal or of interest on any issue of bonds or notes after the same shall become due, whether  at maturity  or  upon  call for redemption, and such default shall continue for a period of thirty days, or in the event that the agency shall  fail or  refuse to comply with the provisions of this title, or shall default in any agreement made with the holders of any issue of bonds  or  notes, the  holders  of twenty-five per centum in aggregate principal amount of the bonds or notes of such issue  then  outstanding,  by  instrument  or instruments  filed in the office of the clerk of the county in which the principal office of the agency is located, and proved or acknowledged in the same manner as a deed to be  recorded,  may  appoint  a  trustee  to represent  the  holders  of  such bonds or notes for the purposes herein provided.  (2) Such trustee may, and upon  written  request  of  the  holders  of twenty-five  per  centum in principal amount of such bonds or notes then outstanding shall, in his or its own name.  (a) enforce all rights of the bondholders  or  noteholders,  including the  right  to  require  the  agency  to  collect interest and principal payments on the bonds held by it adequate to carry out any agreement  as to,  or  pledge of, such interest and principal payments, and to require the agency to carry out any other agreements with the  holders  of  such bonds or notes and to perform its duties under this title:  (b) bring suit upon such bonds or notes:  (c) by action or suit, require the agency to account as if it were the trustee of an express trust for the holders of such bonds or notes:  (d) by action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such bonds or notes:  (e)  declare  all  such  bonds  or  notes  due  and payable and if all defaults shall be made good then with the  consent  of  the  holders  of twenty-five  per  centum  of the principal amount of such bonds or notes then outstanding, to annul such declaration and its consequences.  (3) Such trustee shall in addition to the foregoing have  and  possess all  the  powers  necessary  or  appropriate  for  the  exercise  of any functions specifically set forth  herein  or  incident  to  the  general representation of bondholders in the enforcement and protection of their rights.  (4)  Before declaring the principal of bonds or notes due and payable, the trustee shall first give thirty  days'  notice  in  writing  to  the governor, to the agency and to the attorney general of the state.  (5)  The  supreme court shall have jurisdiction of any suit, action or proceeding by the trustee on behalf of bondholders or  noteholders.  The venue  of  any  such  suit,  action,  or proceeding shall be laid in the county in which the principal office of the agency is located.  (6) The remedies granted by this section shall not apply to  tax  lien collateralized securities. The remedies available to the holders of such securities shall be expressly limited to those set forth in the contract with the owners of such securities.