N.Y. Real Property Law 130-A – Restrictions on committees
Current as of: 2024 | Check for updates
|
Other versions
§ 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.
Terms Used In N.Y. Real Property Law 130-A
- Committee: shall mean and include a person or group of persons, however known or designated, appointed by agreement, assignment, proxy, consent, authorization, power of attorney, or other similar instrument to act as an agency to receive and hold mortgage investments deposited by bondholders and to administer or do any act in respect to the same for the bondholders. See N.Y. Real Property Law 125
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: shall mean and include all of the real property or any incidental personal property constituting the underlying security for mortgage investments. See N.Y. Real Property Law 125