reglab/statecodes huggingface dataset:
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 67 - Payment of Awards and Expenses.

§  67.  Payment  of awards and expenses.   Within four calendar months
  after the date of the filing of the final decree of the court, the  city
  shall  pay  to the parties entitled thereto the respective sums of money
  determined in their favor as set forth in the final decree,  with  legal
  interest  thereon  from  the date of the entry of the order granting the
  application to condemn.  In case of neglect or default  in  the  payment
  thereof within the time aforesaid, the respective persons in whose favor
  the  same  shall  be so determined, after application to the comptroller
  for payment thereof, may sue for  and  recover  the  same,  with  lawful
  interest as aforesaid and costs of suit. No fees or expenses incurred by
  the  city  or  the corporation counsel in connection with any proceeding
  instituted under this chapter shall be paid until they shall  have  been
  taxed by the court upon five days' notice to the corporation counsel and
  upon  proof  of  the  nature  and  extent  of  the services rendered and
  disbursements charged. No unnecessary costs or charges shall be allowed.
  All costs, fees, expenses or disbursements to be taxed shall  be  stated
  in detail in the bill of costs and shall be accompanied by such proof of
  the  reasonableness  and necessity thereof as is required by law and the
  practice of the court upon taxation of costs and disbursements in  other
  special proceedings or actions.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 68 - Moneys of Persons Under Disability; Moneys Paid to Wrong Persons.

§  68.  Moneys  of  persons  under  disability;  moneys  paid to wrong
  persons.  Whenever the owner or any person interested  in  any  property
  taken  or affected in such proceedings or in whose favor any such sum or
  compensation shall be determined by the final decree  of  the  court  is
  under  legal  disability  or absent from such city, and when the name of
  the owner or person interested in the property shall not be set forth or
  mentioned in the final decree, or when the owner or  person  interested,
  although  named in the decree, cannot upon diligent inquiry be found, or
  where there are adverse or conflicting claims to the  money  awarded  as
  compensation,  the  city  shall pay such award into court to be secured,
  disposed of, invested and paid out as the court shall direct,  and  such
  payment  shall  be  as valid and effectual in all respects as if made to
  the person entitled thereto. And in default of such payment into  court,
  the  city shall be and remain liable for such award with lawful interest
  thereon from the date of the entry of the order granting the application
  to condemn. Where an award shall  be  paid  to  a  person  not  entitled
  thereto,  the  person to whom it ought to have been paid may sue for and
  recover the same, with lawful interest and costs of  suit,  as  so  much
  money  had  and received to his use by the person to whom the same shall
  have been so paid. Payment of an award to the person named in the  final
  decree  of the court as the owner thereof or person entitled thereto, if
  not under legal disability, in the absence of notice in writing  to  the
  comptroller of adverse claims thereto, shall protect the city.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 69 - Cost of Acquiring Property.

§ 69. Cost of acquiring property.  The moneys necessary and sufficient
  to  be paid for any property acquired in any manner under the provisions
  of this chapter, together with  all  expenses  necessarily  incurred  in
  surveying,  locating  and  acquiring  title  to  such  property, and for
  preparing the necessary maps and plans in connection therewith, shall be
  raised by the city, and all such  expenses  so  incurred  in  surveying,
  locating  and  acquiring  title,  and  for  preparing necessary maps and
  plans, and also those incurred as provided in subdivision b  of  section
  fifty-three  of  this chapter, shall be deemed a part of and included in
  the cost of constructing the road, the construction of which rendered it
  necessary to acquire the property, in the course of the  acquisition  of
  which such expenses may be incurred.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 70 - Amendments of Defects.

§  70.  Amendments of defects.  The special term of the supreme court,
  in  the  judicial  district  in  which  the  property  affected  by  the
  proceeding  is situated, at any time may amend any defect or informality
  in any notice, petition, pleading,  order  or  decree  in  a  proceeding
  instituted under this chapter or cause property affected by such defect,
  informality  or  lack  of jurisdiction to be excluded therefrom or other
  property affected by such defect, informality or lack of jurisdiction to
  be included therein, by amendment, upon notice published  twice  a  week
  for  two weeks in two public newspapers, published in such city, and may
  direct such further notices to be given to any party in interest  as  it
  shall deem proper.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 71 - Appeal to the Appellate Division.

§  71.  Appeal  to the appellate division.   The city, or any party or
  person affected by the proceeding and aggrieved by the final  decree  of
  the court therein, may appeal to the appellate division of the court. An
  appeal  from  the  final decree of the court must be taken within thirty
  days after notice of the filing of the final decree.   Except as  herein
  otherwise  provided,  such appeal shall be taken and heard in the manner
  provided in relation to appeals from judgments in  special  proceedings,
  and such appeal shall be heard and determined by such appellate division
  upon  the  merits both as to matters of law and fact.  The determination
  of the appellate division shall be in the form of an  order.    But  the
  taking  of  an  appeal  by  any  person  shall  not  operate to stay the
  proceedings under this chapter, except as to the  particular  parcel  of
  property  with  which  the  appeal is concerned. The final decree of the
  court shall be deemed to be final and conclusive upon  all  parties  and
  persons  affected  thereby  who  have not appealed. Such appeal shall be
  heard upon the evidence taken by the court,  or  such  part  or  portion
  thereof  as the court may certify or the parties to the appeal may agree
  upon as sufficient to present the merits of the questions in respect  to
  which  such  appeal  shall  be  had.  An appeal taken but not prosecuted
  within six months after the filing of the notice of appeal,  unless  the
  time  within which to prosecute the same shall have been extended by the
  court, shall be deemed to have been abandoned, and no agreement  between
  the parties extending the time within which the appeal may be prosecuted
  shall vary the provisions hereof.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 72 - Appeal to Court of Appeals.

§  72.  Appeal  to court of appeals. An appeal to the court of appeals
  may be taken by the city or  any  person  or  party  interested  in  the
  proceeding  and  aggrieved  by the order of the appellate division. Such
  appeal shall be taken and heard in the manner provided  in  relation  to
  appeals  from judgments in special proceedings.  An appeal taken but not
  prosecuted within six months after the filing of the notice  of  appeal,
  unless  the  time  within  which  to  prosecute the same shall have been
  extended by the court, shall be deemed to be abandoned and no  agreement
  between  the  parties  to the appeal extending the time to prosecute the
  same shall vary the provisions hereof. The court of appeals  may  affirm
  or reverse the order appealed from, and may make such order or direction
  as shall be appropriate to the case.
2023 New York Laws › RAT - Rapid Transit › Article 6 - Acquisition of Property by the City › 73 - Property Deemed Acquired for Public Use.

§  73. Property deemed acquired for public use.  All property acquired
  under the provisions of this chapter shall be and  shall  be  deemed  to
  have  been acquired for public uses and purposes, and for the purpose of
  affording increased facilities for rapid transit between  points  within
  the city acquiring such property.
2023 New York Laws › RAT - Rapid Transit › Article 8 - Plan for Unification › 92 - Approval of Contracts to Effectuate Plans.

§  92.  Approval of contracts to effectuate plans.  Anything contained
  in this article to the contrary notwithstanding,  the  commission  shall
  not  execute  and  deliver  any  plan,  or any lease thereunder, without
  obtaining the consent and approval of the board of estimate.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 100 - Construction of Chapter.

§  100.  Construction  of  chapter.    a.  This  chapter  shall not be
  construed to repeal or in any manner affect article six of the  railroad
  law,  except  so far as such article would, if this chapter had not been
  passed, authorize the appointment hereafter of any commissioners applied
  for as provided in section two hundred twenty of such law in any city or
  authorize any commissioners already appointed pursuant to  such  section
  in  any  such city to fix, determine or locate any new route pursuant to
  the provisions of such article of the railroad law.
b. This chapter shall not repeal or in any manner affect the  railroad
  law,  except  as  expressly provided, or except so far as the provisions
  thereof conflict with the provisions of this  chapter.  But  nothing  in
  this section shall prevent the board of transportation from laying out a
  route for a railroad and constructing and operating a railroad, and such
  board  shall  have  the  right  to  lay out such route and construct and
  operate such railroad over, under, along or across any street in, along,
  under or over which there shall be any existing railroad, provided  that
  the  routes  so laid out by the board and the railroad so constructed by
  it shall so pass over or under or at the side of such existing  railroad
  as not to interfere with its operation.
c.  This  chapter  shall  not be construed in any manner to affect the
  exercise or enjoyment at any time of any right  acquired,  exercised  or
  enjoyed  before  the  thirty-first  day  of  January,  eighteen  hundred
  ninety-one by any corporation duly  incorporated  and  organized  before
  such date or deriving powers and rights under the laws of this state.
d.  This  chapter shall not affect or impair the exercise or enjoyment
  of any right or rights possessed before the thirty-first day of January,
  eighteen hundred ninety-one or acquired or authorized  to  be  acquired,
  exercise  or  enjoyed  by any street surface railroad corporation before
  such date, except as herein otherwise expressly provided.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 101 - Construction of Terms.

§  101.  Construction  of  terms.    Whenever  the term public service
  commission, or board of rapid transit railroad commissioners, or transit
  construction commissioner, or transit commission,  occurs  in  any  law,
  contract  or  document  relating  to  a  subject  or matter jurisdiction
  whereof was transferred to the board of transportation, or when  in  any
  law, contract or document reference is made to such commission, board or
  commissioner in connection with a subject or matter jurisdiction whereof
  was so conferred, such term or reference shall be deemed to refer to and
  include  the  board  of  transportation, so far as such law, contract or
  document pertains to matters which are within the jurisdiction  of  such
  board.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 102 - Additional Powers and Duties of Commission and Board of Transportation.

§  102.  Additional  powers  and  duties  of  commission  and board of
  transportation.    Subject  to  the  provisions  of  this  chapter,  the
  commission  and  the  board  of  transportation  within their respective
  jurisdictions, shall have  such  powers  as  may  be  requisite  to  the
  efficient  performance  of the duties imposed upon them by this chapter,
  any contract or any law.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 103 - Exemption From Taxation.

§  103.  Exemption from taxation.   The bonds and securities issued by
  the city and the income or profits therefrom, the railroads and property
  owned by the city and the gross receipts or  income  derived  from  such
  railroads   and   property  or  from  the  operation  thereof,  and  the
  transportation or right to or privilege of transportation of persons  or
  property  upon  any  such  railroads,  shall  at  all times be free from
  taxation or assessment by the state or by any subdivision thereof.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 104 - Transfer of Officers and Employees.

§  104. Transfer of officers and employees.  Officers and employees of
  the transit commission exercising functions and  performing  service  in
  respect  to subject or matters, jurisdiction of which was transferred to
  the  board  of  transportation,  shall  be  eligible  for  transfer  and
  appointment  without  examination to offices and positions in the office
  of the board of transportation;  and,  so  far  as  necessity  for  such
  service  exists,  shall  be  so transferred and appointed.  Officers and
  employees of  the  transit  commission,  having  prior  to  July  first,
  nineteen hundred forty exercised functions and having performed services
  in respect to subjects or matters, jurisdiction of which was transferred
  to  the board of transportation, shall be eligible to have their records
  of service transferred to the municipal civil service commission  to  be
  credited as service rendered for the city.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 105 - Transfer of Records.

§ 105. Transfer of records.  The transit commission shall transfer and
  deliver  to  the  board  of  transportation  all contracts, books, maps,
  plans, papers and records of whatever description pertaining to subjects
  or matters,  jurisdiction  whereof  was  transferred  to  the  board  of
  transportation;  and  such board is authorized to take possession of all
  such contracts, books, maps, plans, papers and records. If any documents
  or records of the transit commission pertaining to a subject or  matter,
  jurisdiction whereof was transferred to the board of transportation, are
  so  combined  or connected with documents or records pertaining to other
  subjects or matters within the jurisdiction of  such  commission  as  to
  render  it  impracticable  to  deliver  such documents or records to the
  board of  transportation  as  required  by  this  section,  the  transit
  commission  shall  cause to be prepared certified copies of the parts of
  such documents  and  records  as  pertain  to  the  subject  or  matter,
  jurisdiction whereof was transferred to the board of transportation, and
  shall deliver the same to such board.  The transit commission shall also
  turn  over  to  the board of transportation such supplies, furniture and
  equipment as such commission shall determine are no  longer  needed  for
  its purposes.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 106 - Records; Prima Facie Evidence.

§  106.  Records; prima facie evidence.  The record of the proceedings
  of the board of transportation, and the records and printed  minutes  of
  the transit commission, of the former transit construction commissioner,
  of  the  former public service commission for the first district, and of
  the former board of rapid transit railroad commissioners, transferred to
  the board of transportation,  or  certified  copies  thereof  when  such
  certified  copies  are authorized by this chapter to be delivered to the
  board of transportation instead  of  originals,  shall  be  prima  facie
  evidence  of  the  proceedings  of  the  board of transportation, of the
  transit commission, of the former transit construction commissioner,  of
  the  former  public service commission for the first district, or of the
  former board of rapid transit railroad commissioners, as  the  case  may
  be,  in  respect  to  matters  concerning  which such records or minutes
  relate. Certified copies of such records or papers shall in like  manner
  constitute prima facie evidence.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 107 - Pending Actions and Proceedings.

§ 107. Pending actions and proceedings.  This chapter shall not affect
  any  action  or proceeding, civil or criminal, brought by or against the
  transit commission, or the  former  transit  construction  commissioner,
  public  service commission for the first district, or the board of rapid
  transit railroad commissioners in respect of rights, powers, duties  and
  obligations   transferred   to   and   conferred   upon   the  board  of
  transportation; but such action  or  proceeding  may  be  prosecuted  or
  defended   in  the  name  of  the  board  of  transportation  and,  upon
  application  to  the  court,  the  board  of  transportation  shall   be
  substituted  as  a  party  in  such  pending  action  or proceeding. Any
  investigation,  examination  or  hearing,   undertaken,   commenced   or
  instituted  by  the  transit  commission  or  the  transit  construction
  commissioner or the public service commission for the first district  or
  the  board  of rapid transit railroad commissioners before the time this
  article takes effect, and relating to a subject or  matter  jurisdiction
  whereof was transferred to the board of transportation, may be conducted
  to final determination by the board of transportation.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 108 - Continuity of Jurisdiction.

§  108. Continuity of jurisdiction.  The board of transportation shall
  be deemed and held to constitute a continuation, as  to  matters  within
  its   jurisdiction,  of  the  transit  commission,  and  not  as  a  new
  commission, for the purpose of succession to all  such  of  the  rights,
  powers,  duties and obligations of the transit commission transferred to
  such board of transportation.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 109 - Inconsistent Laws Inapplicable.

§  109. Inconsistent laws inapplicable.  The provisions of any laws or
  parts of laws which are inconsistent with this chapter, and  in  so  far
  only  as  they  are  inconsistent  with  this  chapter,  shall  have  no
  application to the rights, powers and obligations conferred  or  created
  by  and  under  authority  of  this  chapter or to any proceedings taken
  thereunder.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 110 - Separability.

§  110. Separability.   If any clause, sentence, paragraph, section or
  part of this chapter  shall  be  adjudged  by  any  court  of  competent
  jurisdiction  to  be  invalid, such judgment shall not affect, impair or
  invalidate the remainder thereof, but shall be confined in its operation
  to the clause, sentence, paragraph, section, or  part  thereof  directly
  involved  in  the  controversy  in  which  such judgment shall have been
  rendered.
2023 New York Laws › RAT - Rapid Transit › Article 9 - Miscellaneous › 111 - Legislative Intent.

§   111.  Legislative  intent.    Insofar  as  this  chapter  revises,
  consolidates, codifies, continues or  restates  the  provisions  of  the
  rapid  transit  act, as amended and supplemented, and articles seven and
  eight of the public service law in force when this  chapter  shall  take
  effect,  such  provisions  shall  be  deemed  unchanged in substance and
  effect. If in this  chapter  there  shall  have  been  incorporated  any
  provision   of  law  that  heretofore  shall  have  been  superseded  or
  specifically or  impliedly  repealed,  the  incorporation  of  any  such
  provision  shall  not  revive such superseded or repealed provision, nor
  shall such  incorporation  be  construed  to  indicate  any  legislative
  determination that such provision had not been theretofore so superseded
  or  repealed.  If in this chapter there shall have been incorporated any
  new provision, which is not  a  revision,  consolidation,  codification,
  continuance  or  restatement of the provisions of the rapid transit act,
  as amended and supplemented, and articles seven and eight of the  public
  service  law  in  force  when  this  chapter shall take effect, such new
  provision  shall  not  become  effective,  but  shall   be   deemed   an
  inadvertence or error.
2023 New York Laws › RPP - Real Property › Article 1 - Short Title; Definitions › 2 - Definitions.

§  2. Definitions. 1. The terms "real property" and "lands" as used in
  the first eight articles of this chapter  are  co-extensive  in  meaning
  with lands, tenements and hereditaments.
2. The term "infant" or "minor" as used in this chapter means a person
  who has not attained the age of eighteen years.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 10 - Capacity to Hold Real Property.

§  10.  Capacity  to  hold  real  property. 1. A citizen of the United
  States is capable of holding real property within  this  state,  and  of
  taking the same by descent, devise or purchase.
2.  Noncitizens  are empowered to take, hold, transmit, and dispose of
  real property within this  state  in  the  same  manner  as  native-born
  citizens  and  their  heirs  and  devisees  take  in  the same manner as
  citizens.
3. For the purpose of maintaining offices and places of residence  for
  its ambassadors and consular officers and for its representatives at the
  United  Nations, a foreign government is empowered to hold, transmit and
  dispose of real property within this state. Title to such  property  may
  be  taken either in the name of the foreign government or in the name of
  its ambassador or consul or in the name of its minister  to  the  United
  Nations.  If  a  conveyance of real property is made to an ambassador or
  consul or  minister  of  a  foreign  government  as  such,  or  contains
  appropriate  words showing the intention to vest the title in the holder
  of the office rather than in the named individual, the title to the real
  property shall pass from time to time without any further conveyance  to
  the  respective  successors in such office, who shall have full power to
  dispose of such property.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 11 - Capacity to Transfer Real Property.

§ 11. Capacity to transfer real property. A person other than a minor,
  a  person  with  a  developmental disability, or person of unsound mind,
  seized of or entitled to an estate or interest  in  real  property,  may
  transfer such estate or interest.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 15 - Title Through Noncitizen.

§  15. Title through noncitizen. The right, title or interest in or to
  real property in this state now held or hereafter acquired by any person
  entitled to hold the same can not be questioned or impeached  by  reason
  of  the noncitizen status of any person through whom such title may have
  been derived. Nothing in this section affects or impairs  the  right  of
  any heir, devisee, mortgagee, or creditor by judgment or otherwise.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 16 - Liabilities of Noncitizen Holders of Real Property.

§  16.  Liabilities  of  noncitizen  holders  of  real property. Every
  noncitizen holding real property in this state  is  subject  to  duties,
  assessments,  taxes  and burdens as if such noncitizen were a citizen of
  the state.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 17 - Heirs of Patriotic Indian.

§  17.  Heirs of patriotic Indian. The heirs of an Indian to whom real
  property was granted for military services rendered during  the  war  of
  the  Revolution  may  take  and hold such real property by descent as if
  they were citizens of the state at  the  time  of  the  death  of  their
  ancestors.  A  conveyance  of  such  real  property to a citizen of this
  state, executed by  such  Indian  or  his  heirs  after  March  seventh,
  eighteen  hundred  and  nine, is valid, if executed with the approval of
  the surveyor-general or state engineer and  surveyor  prior  to  January
  first,  nineteen  hundred  and  twenty-seven,  and  thereafter  with the
  approval of the commissioner of transportation indorsed thereon.
2023 New York Laws › RPP - Real Property › Article 2 - Tenure of Real Property › 18 - Mines in Saint Lawrence County.

§  18. Mines in Saint Lawrence county. The proprietors of any mines or
  veins of lead or copper in the county of  Saint  Lawrence,  may  demise,
  lease, or rent the same for a period not to exceed twenty-one years from
  the  date  of  any such lease, to any foreign individual or company, and
  such lessee may take, hold, work, use or convey the same during the said
  term, in the same manner and subject to the same liabilities as if  such
  lessee were a natural born citizen.
2023 New York Laws › RPP - Real Property › Article 4 - Uses and Trusts › 119 - Purchase by Mortgage Trustee.

§   119.  Purchase  by  mortgage  trustee.  Any  banking  corporation,
  including corporations organized under the banking law and also national
  banking associations authorized to act as trustees  within  this  state,
  which  shall  act  as  trustee, depository or in other representative or
  fiduciary capacity in respect to any mortgage upon real property  within
  this  state or upon some interest therein or in respect to any indenture
  relating to such real property against which bonds  or  certificates  of
  parts or of shares have been issued to the public, may acquire such real
  property in any foreclosure action now or hereafter pending; and in lieu
  of  paying  cash therefor, may make settlement for the purchase price by
  crediting upon the bond, mortgage or other obligation held  by  it,  the
  net  proceeds of sale after deducting therefrom the expenses of the sale
  and the costs of the action and any other sums  which  such  trustee  is
  authorized to deduct under the mortgage, deed of trust or indenture. The
  officer  making  such  foreclosure  sale  shall  accept  such settlement
  without requiring the production of the bonds,  notes,  certificates  of
  sharing, certificates of participation, or other security evidencing the
  pro  rata  interest  of the holders thereof in the mortgage or indenture
  being foreclosed; and, without such production, there  shall  be  deemed
  credited  thereon  the  pro  rata  share  of  the  net  proceeds of sale
  ascertained and established as aforesaid.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.