N.Y. Real Property Law 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.
Terms Used In N.Y. Real Property Law 130-D
- 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
- 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