NY Rac, Pari-Mut Wag & Breeding L § 512 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - Regional Off-Track Betting Corporations 512 - Remedies of Holders of Bonds and Notes.

§  512. Remedies of holders of bonds and notes. 1. In the event that a   corporation defaults in the payment of the principal of or  interest  on   any  issue  of  bonds  or  notes  after the same becomes due, whether at   maturity or upon call for redemption, and such default continues  for  a   period of thirty days, or in the provisions of this article, or defaults   in  any  agreement  made  with  the holders of any issue of the bonds or   notes, the holders of twenty-five percent 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 any county in which  the   corporation  operates and approved 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  percent  in  principal  amount  of such bonds or notes then   outstanding shall, in his, her or its own name:a. by suit, action or special proceedings enforce all  rights  of  the   holders  of  the  bonds  or  notes,  including  the right to require the   corporation to carry out any agreements with such holders and to perform   its duties under this title;b. bring suit upon such bonds or notes;c. by action or suit, require the corporation 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 that may  be  unlawful   or in violation of the rights of the holders of such bonds or notes; ande.  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  percent of the principal amount of such bonds or notes then   outstanding, annul such declaration and its consequences.3. The supreme court shall have jurisdiction of any  suit,  action  or   proceedings  by the trustee on behalf of such holders of bonds or notes.   The venue of any such  suit,  action  or  proceeding  shall  be  in  the   judicial  district  in  which the principal office of the corporation is   located.4. Before declaring the principal of bonds or notes due  and  payable,   the  trustee  shall  first  give  thirty  days' notice in writing to the   corporation, the governor, the comptroller and the attorney  general  of   the state.5.  Any such trustee, whether or not the issue of bonds represented by   such trustee has been declared due and payable, shall be entitled as  of   right to the appointment of a receiver of the revenues which are pledged   for the security of the bonds of such issue, and such receiver may enter   and  take  possession  of the premises, equipment and property which the   corporation is operating or is entitled to use or occupy, and shall take   possession of all revenues of the corporation and other moneys to  which   the  corporation  is entitled, and shall proceed to conduct pari-mutuel,   off-track betting pursuant to the provisions  of  this  article  in  the   place  and  stead  of  the corporations from which otherwise, under such   article, would constitute revenues of the corporation and shall  perform   the  public  duties  and carry out the agreements and obligations of the   corporation  under  the  direction  of  the  court.  In  any  action  or   proceeding  by  the  trustee, the fees, counsel fees and expenses of the   trustee  and  of  the  receiver,  if  any,  shall   constitute   taxable   disbursements  allowed  by  the court and shall be a first charge on any   revenues of the corporation.6. Such trustee shall in addition to the foregoing  have  and  possess   all the powers necessary or appropriate for the exercise of any function   specifically  set forth herein or incident to the general representation    of the holders of such bonds or notes in the enforcement and  protection   of their rights.