N.Y. Real Property Law 130-E – Removal of trustees, committees or depositaries
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§ 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.
Terms Used In N.Y. Real Property Law 130-E
- 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
- Depositary: shall mean and include any person, firm, association or corporation designated in any trust indenture, deed of trust, or deposit agreement as the custodian or depositary of mortgage investments. See N.Y. Real Property Law 125
- Trustee: A person or institution holding and administering property in trust.
- Trustee: shall mean and include any person, firm, association or corporation named, appointed or designated as such in any deed of trust, trust indenture or other similar instrument or any successor of such trustee. See N.Y. Real Property Law 125