New York Laws
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.

Structure New York Laws