reglab/housing_qa huggingface dataset:
NY Real Prop L § 120 (2021)
2021 New York Laws RPP - Real Property Article 4 - Uses and Trusts 120 - Operation and Sale by Mortgage Trustee.

§   120.   Operation  and  sale  by  mortgage  trustee.  Such  banking   corporation, upon acquiring such  property,  shall  hold,  lease,  rent,   operate  and  manage  the  same  for the pro rata benefit of all parties   interested in said mortgage, deed of trust or  indenture  and  may,  but   shall  not  be  required to, issue certificates of participation in said   property and the rents, issues and  profits  thereof  to  those  parties   interested  in  said mortgage or indenture according to their respective   interests. At any time thereafter with the consent  of  the  holders  of   eighty-five  per  centum  of  the  principal  amount  of  the  bonds  or   certificates outstanding, or with the approval of the court  after  such   notice  to  the bondholders or certificate holders as the court by order   may direct, the court may make an order authorizing the trustee to  sell   such  property  for  such  price  and  upon  such  terms as to credit or   otherwise or for such stocks, bonds or other securities as it deems best   for those beneficially interested in said mortgage,  deed  of  trust  or   indenture.  The  order directing the giving of notice to bondholders and   certificate holders of the application  of  the  trustee  to  sell  such   property shall provide for personal service of such notice not less than   thirty  days  before  the  return  date  thereof, upon not less than ten   specified bondholders or certificate holders and notice by mail  to  all   other  bond  or  certificate  holders  whose  addresses are known to the   trustee and publication of such notice once a week on  a  week  day  for   three  successive  weeks  preceding  the  return  date  thereof  in  one   newspaper of general circulation published in the city or  county  where   said real property is located.
NY Real Prop L § 121 (2021)
2021 New York Laws RPP - Real Property Article 4 - Uses and Trusts 121 - Reorganization of Property Covered by Trust Mortgage.

§  121.  Reorganization  of  property covered by trust mortgage.  Such   banking corporation, under the direction of the court in the foreclosure   action may, and if directed by the court shall, purchase or cause to  be   purchased  said  real  property,  pursuant to a reorganization plan, and   cause to be  formed  a  domestic  business  corporation,  or  a  foreign   corporation  providing  such  foreign  corporation  is  authorized to do   business within this state,  or  utilize  any  other  such  corporation,   providing  the  corporation so formed or utilized shall have provided in   its certificate of incorporation the restriction set  forth  in  section   one hundred eleven of decedent estate law, and shall thereupon grant and   release  said  property to such new corporation and its assigns forever,   or by assignment of its bid to such new corporation, or otherwise, cause   the referee's deed in foreclosure to be executed and delivered  directly   to  such  new corporation granting and releasing such property to it and   its assigns forever,  in  exchange  for  the  stocks,  bonds  and  other   securities of such new corporation except such of said securities as may   be  reserved  for  the  adjustment  of  liens  and  claims  against said   property, or for other purposes as specified in the plan, including  any   provision  made  in a plan approved by the court and thereafter becoming   effective  as  provided  in  section  one  hundred  twenty-two  for  any   interest,  junior  or  subordinate to the mortgage foreclosed; provided,   however, that such new corporation shall be authorized to raise money by   mortgage, pledge, borrowing, sale of  securities  or  otherwise  to  the   extent  which  may  be  set  forth  in  the  plan of reorganization. The   trustee, upon receiving such securities and any cash available from  the   new  corporation,  shall  distribute  the  same  and  any other funds or   property constituting part of the trust estate,  ratably  amongst  those   parties  interested  in  such  mortgage, deed of trust or indenture less   such trustee's proper expenses and charges in connection therewith;  and   thereupon  the  trustee  upon the filing and approval of its accounts in   the foreclosure action and upon assigning to such  new  corporation  any   deficiency  judgment  and  any guarantees and insurance policies held by   the trustee and any claim for waste or otherwise in connection with  the   mortgage  estate,  shall  be  discharged  of  any  further obligation or   liability under such mortgage or indenture or otherwise. Nothing  herein   contained  shall  affect or impair the liability of any guarantor or any   right or remedy existing in  favor  of  any  holders  of  bonds,  notes,   certificates  or other securities which are secured by or participate in   such mortgages, deeds of trust or indentures.
NY Real Prop L § 123 (2021)
2021 New York Laws RPP - Real Property Article 4 - Uses and Trusts 123 - Preserving Existing Rights.

§ 123. Preserving existing rights. Nothing in this act shall be deemed   to  prevent  any  bondholder or committee of bondholders from bidding at   the foreclosure sale and in case he  or  they  should  be  a  successful   bidder,  from  applying upon the purchase price the bonds held by him or   them at the amount distributable thereon and reorganizing  the  property   so  purchased  in  any manner which was lawful prior to the enactment of   this act, nor to impair any previously existing right of a trustee so to   purchase and pay for the property, or  to  preclude  any  trustee  which   shall  have  purchased such property from submitting to the court a plan   for its reorganization. The court may provide for the  qualification  of   bidders  other  than  the  trustee by requiring them to deposit with the   officer conducting the sale in advance of bidding up to ten  per  centum   of  the  amount  of their bid in cash or in bonds taken at the principal   amount  thereof.  In  any  action  now  or  hereafter  pending  for  the   foreclosure  of  any  such mortgage or indenture, the property shall, on   application of the trustee, be sold subject to the lien  of  any  taxes,   assessments  and  water rates, any prior lien, or to any liens which may   thereafter be established, which are the subject of  litigation  pending   at the time of the sale, provided a brief statement thereof is contained   in the notice of sale.
NY Real Prop L § 124 (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 124 - Purpose and Application of Article.

§  124.  Purpose  and application of article. It is the purpose of the   legislature, in enacting this article, to provide for the regulation and   supervision of the appointment,  creation,  agreements,  acts,  conduct,   practices   and   proceedings   of   trustees,  bondholders'  protective   committees, depositaries,  management  companies,  voting  trustees  and   other  persons  administering, holding in custody or otherwise concerned   with real estate mortgages and interests therein to the  end  that  such   interests  will  be  properly  conserved,  administered  and  ultimately   liquidated in the public interest. This  article,  except  as  otherwise   expressly  provided, shall apply, to the extent that the state has power   to  provide  therefor,  to  all  mortgage  investments,  as  hereinafter   defined,   where  the  property  constituting  the  underlying  security   therefor, or any part thereof, is located within the state or where  the   trustee,  committee,  depositary,  management company, voting trustee or   other person administering, holding in custody, or  otherwise  concerned   with such investments has an office for the transaction of business with   respect  thereto  within  the  state  or  has  obtained  authority to do   business in this state.
NY Real Prop L § 126 (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 126 - Trust Indentures.

§  126.  Trust  indentures.  No trustee shall hereafter accept a trust under any trust indenture or mortgage within the contemplation  of  this article  or act as trustee thereunder unless the instrument creating the trust shall contain the following provisions, among others, which confer the following powers and impose the following duties upon the trustees:   1. In the case of an event of default (as such term is defined in such instrument), to exercise such of the rights and  powers  vested  in  the trustee by such instrument, and to use the same degree of care and skill in  their  exercise  as  a  prudent  man would exercise or use under the circumstances in the conduct of his own affairs.   2. In  considering  what  actions  are  or  are  not  prudent  in  the circumstances, to consider whether or not:  (a) to take such action as may be necessary or proper to sequester the rents and income of the property;  (b)  to  procure from the owner of the property an assignment of rents and/or a consent to enter into possession of the property and to collect the rents therefrom;  (c) to apply to the court for the appointment of  a  receiver  of  the rents and income of the property;  (d)  to  declare  due  and  payable  forthwith  any  principal  amount remaining due and unpaid and commence an action of foreclosure;  (e) to apply the moneys received as rents and income from the property as well as moneys received by the trustee from  any  receiver  appointed for such property in his discretion, to the maintenance and operation of such  property, the payment of taxes, water rents and assessments levied thereon and any arrears thereof, to the payment of underlying liens, and to the creation and maintenance of a reserve or sinking fund.   3. If the trustee can  obtain  the  information  without  unreasonable effort  or  expense,  to  render  annually  to  bondholders,  after  the occurrence of a default, unless such  default  be  previously  cured,  a summarized  statement  of income and expenditures in connection with the property.   4. To distribute the proceeds of any sale or other disposition of  the property  ratably among the bondholders, subject to applicable mandatory provisions of law.   5. To permit the obligor or other person in possession or  control  of the  property,  or  his successors in interest, to be free to select the insurance broker or agent through whom any insurance of any kind  is  to be  placed  or written on any property affected or covered by a mortgage held by such trustee.
NY Real Prop L § 127 (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 127 - Restrictions on Trustees.

§ 127. Restrictions on trustees. 1. No trustee shall accept a trust or   act as trustee under a trust mortgage affecting any property in which he   or  any of the officers or directors of the trustee shall have, directly   or indirectly, any financial interest.2. No trustee nor any officer  or  director  of  a  trustee,  nor  any   employee  of  any  company  which  is  a subsidiary of, controlled by or   affiliated with the trustee shall, either directly or indirectly, act as   insurance broker or agent in connection with the placing or  writing  of   any  insurance  of  any  kind  on  any property affected or covered by a   mortgage held by such trustee under a trust indenture, deed of trust, or   other  similar  instrument,  nor  shall  such  trustee  be  an  officer,   director, partner or employee of or otherwise connected with or have any   financial  interest  in,  directly  or  indirectly, in any firm, agency,   business, association or corporation that shall act as broker  or  agent   in  connection  with the placing or writing of such insurance; nor shall   any trustee or any officer, director or employee of the  trustee  be  an   officer,  director,  partner  or  an  employee  of or have any financial   interest in any firm, agency, association or corporation engaged by such   trustee as his or its representative  or  agent  in  the  management  or   supervision  of, or the collection of rents and income from any property   affected or covered by the mortgage held by the trustee  under  a  trust   indenture, deed of trust, or other similar instrument.3. No trustee shall accept any trust or act as trustee under any other   trust indenture covering or affecting the same property.4. No owner or mortgagor of any property covered by a trust indenture,   deed  of  trust,  or  other similar instrument and no officer, director,   stockholder or employee of such owner or mortgagor shall accept a  trust   or act as trustee with respect to such property.5. The provisions of this section shall only apply to trust indentures   or mortgages hereafter entered into.
NY Real Prop L § 128 (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 128 - Minimum Bid of Trustee at Sale on Foreclosure to Be Fixed by Court.

§  128.  Minimum  bid of trustee at sale on foreclosure to be fixed by   court. Notwithstanding any inconsistent provision of law, on application   for judgment of foreclosure and sale in an action brought to foreclose a   trust indenture, deed of trust or mortgage upon  real  property,  except   where  a  plan  of  reorganization  shall  have been consented to by one   hundred per centum of all the bondholders or where a minimum and maximum   sum at which the trustee shall bid for the property has been  set  forth   in  a  plan  of reorganization and approved by the court in a proceeding   for the reorganization of the property covered by trust indenture  under   sections  one  hundred  and twenty-one and one hundred and twenty-two of   this chapter, the court shall determine what is a fair upset price below   which the property shall not be sold  and  the  judgment  directing  the   foreclosure  and  sale  shall fix the minimum price which the trustee or   his agent or nominee shall bid for the property.
NY Real Prop L § 129 (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 129

§  129.  No deposit agreement shall be valid or binding which does not set  forth  the  following  provisions  for  the   protection   of   the bondholders:  (a) That the fees of the members of the committee, the assignee or the other  person or persons to whom the deposit agreement was given, as the case may be, shall be reasonable and subject  to  the  approval  of  the court.  (b) That the deposit agreement may not be amended without the approval of the court.  (c)  That  the  mortgage  investments  deposited thereunder may not be sold, pledged or otherwise disposed of without the unanimous consent  of the  depositing  bondholders  or,  in  lieu thereof, the approval of the court.  (d) No deposit agreement shall be  valid  or  binding  or  confer  any rights whatever upon any member of a committee, assignee or other person to whom the agreement was given, who has any financial interest directly or  indirectly in the depositary named or to be named by such committee, assignee or other person, and no person shall act for a bondholder or  a deposit agreement who has such an interest.
NY Real Prop L § 130-A (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-A - Restrictions on Committees.

§  130-a.  Restrictions on committees. No sale of mortgage investments   by a committee shall be valid unless the fairness of the price  received   at  such  sale  shall  have first been approved by the court except that   where an action to foreclose a mortgage on the property is pending,  the   application  to pass upon the fairness of such price shall be determined   by the court in which such action is  pending.  The  hearing  upon  such   application shall be held at such time and place and upon such notice to   the depositing bondholders as the court shall direct.
NY Real Prop L § 130-B (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-B - Managing Agents and Management Companies.

§  130-b. Managing agents and management companies. 1. A person, firm,   association or  corporation  appointed,  designated  or  employed  by  a   trustee  entering  or taking possession of mortgaged property to collect   rents from, or to manage or supervise the operation and  maintenance  of   property  shall  be bonded by a surety bond, approved by the court as to   form and sufficiency, in a sum equivalent to at least the  gross  rental   or  income  of  the  property for the three months immediately preceding   such appointment, designation or employment,  running  to  the  trustee,   during  the  period  of  his  or  its  possession for the benefit of the   bondholders, conditioned upon the faithful performance by  such  person,   firm,  association  or  corporation,  of  his  or its duties and the due   accounting for all moneys received by him or it during the course of his   or its employment. The  cost  or  premium  of  such  bond  may,  in  the   discretion  of  the  court,  be  a  charge against and paid for from the   income of the mortgaged property.2. No trustee or committee  shall  employ  as  a  managing  agent  any   management  company  or  corporation any of whose officers, directors or   stockholders are also officers, directors or employees of the trustee or   members or employees of the committee.3. No voting trustee, officer or director of a  corporation  acquiring   the  title  to  property in or through a reorganization of such property   and no corporation  of  which  he  shall  be  an  officer,  director  or   stockholder,  shall  be employed as a managing agent for the reorganized   property except with the approval of the persons owning  or  holding  at   least  fifty-one  per centum of the securities issued by the reorganized   company.
NY Real Prop L § 130-C (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-C - Voting Trustees and Voting Trust Agreements.

§ 130-c. Voting trustees and voting trust agreements. 1. No trustee or   member  of  a  committee or the attorney of such trustee or committee or   any employee of either shall be eligible to become a voting  trustee  or   an  officer  or  director  of a corporation to be formed or used under a   plan  of  reorganization  to  acquire  title  to   property   previously   administered  by such trustee or committee unless the facts with respect   to their previous connection with the  property  are  disclosed  to  the   court  and the affirmative approval of the holders of at least fifty-one   per centum of the mortgage investments is obtained or unless a  plan  of   reorganization  approved  by  the court in proceedings under section one   hundred and twenty-two of this chapter shall so provide.2.  No  agreement  appointing  trustees  to  vote  the  stock  of  any   corporation  formed  or  used under a plan of reorganization of property   shall be valid for a longer term than five years and unless it has  been   submitted to and approved by the court and no trustees appointed by such   agreement  shall  continue to act thereunder after the expiration of its   term, unless and until a new or an extension agreement has been  entered   into  and  received  the affirmative approval of the holders of at least   fifty-one per centum of the stock.3. No salary or other compensation shall be paid to any voting trustee   or any officer or director of a corporation formed or  used  to  acquire   the  title  to property in or through reorganization unless the same has   been approved by the court.
NY Real Prop L § 130-D (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-D - Fees and Allowances.

§  130-d.  Fees  and  allowances. In the event of a default in a trust   indenture necessitating the sequestration of the rents and income of the   property covered thereby and where the trustee  or  committee  or  other   person  or  persons  representing  the bondholders is or are lawfully in   possession of the property and they or their attorneys,  if  any,  shall   have rendered services in connection with the property at any time after   default,  no  fees  or allowances shall be paid for such services unless   and until affidavits showing the value thereof have  been  presented  to   the  court  or  a justice thereof and such court or justice has approved   the same and such fees and allowances, if approved,  shall  be  paid  in   such manner and at such times as the court or justice shall direct.
NY Real Prop L § 130-E (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-E - Removal of Trustees, Committees or Depositaries.

§  130-e.  Removal of trustees, committees or depositaries. A trustee,   committee or any member thereof and a depositary may be removed  by  the   court  for  cause  shown upon the application of any person aggrieved by   the act or omission  to  act  of  such  trustee,  committee,  member  or   depositary  after  such notice and opportunity to be heard in his or its   defense as the court shall direct.
NY Real Prop L § 130-F (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-F - Actions for Accounting by Minority Groups; Expenses Thereof.

§  130-f. Actions for accounting by minority groups; expenses thereof.   In any special proceeding or action brought  by  or  on  behalf  of  any   minority  bondholder  or group of minority bondholders, or any person or   group of persons not holding at least fifty-one per centum of the  stock   or  bonds  of  the mortgage issue, but claiming an interest in the trust   property,  for  a  judicial  accounting,  the  court   may   take   into   consideration the information as to income and disbursements theretofore   furnished to bondholders, the merits and good faith of the proceeding or   action,  and whether the accounting will be of value to the bondholders,   as well as the cost of such accounting, and the court may  require  that   the  petitioner  or plaintiff furnish a surety company bond to indemnify   the estate against the expenses of the accounting, including fees of the   referee to take the accounting, stenographic fees, and the  expenses  of   the  trustee,  and  may  direct  that,  if  it  should  appear  that the   accounting result in any practical benefit to all the  bondholders,  the   court should then, in its discretion, release the indemnity, and that if   no  such  benefit  accrue,  the petitioner or plaintiff and his attorney   should receive no compensation, and the trust fund should be  reimbursed   for the expenses saddled upon it by reason thereof.
NY Real Prop L § 130-G (2021)
2021 New York Laws RPP - Real Property Article 4-A - Trust Indentures and Interests Therein 130-G - Violations and Penalties.

§  130-g.  Violations  and  penalties.  The  wilful  violation  of any   provision of this article, except section  one  hundred  and  twenty-six   unless  elsewhere  otherwise defined, shall constitute a misdemeanor and   shall be punishable, unless elsewhere otherwise prescribed by a fine  of   not  exceeding one thousand dollars or by imprisonment for not exceeding   one year or by both such fine and imprisonment.