New York Laws
Title 11 - Metropolitan Commuter Transportation Authority
1273 - Remedies of Noteholders and Bondholders.

(a) by suit, action or proceeding in accordance with the civil
practice law and rules, enforce all rights of the noteholders or
bondholders, including the right to require the authority to collect
fares, tolls, rentals, rates, charges and other fees adequate to carry
out any agreement as to, or pledge of, such fares, tolls, rentals,
rates, charges and other fees and to require the authority to carry out
any other agreements with the holders of such notes or bonds and to
perform its duties under this title;
(b) bring suit upon such notes or bonds;
(c) by action or suit, require the authority to account as if it were
the trustee of an express trust for the holders of such notes or bonds;
(d) by action or suit, enjoin any acts or things which may be unlawful
or in violation of the rights of the holders of such notes or bonds;
(e) declare all such notes or bonds due and payable, and if all
defaults shall be made good, then, with the consent of the holders of
twenty-five per centum of the principal amount of such notes or bonds
then outstanding, to annul such declaration and its consequences.
3. Such trustee shall in addition to the foregoing have and possess
all of the powers necessary or appropriate for the exercise of any
functions specifically set forth herein or incident to the general
representation of bondholders or noteholders in the enforcement and
protection of their rights.
4. The supreme court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of such noteholders or bondholders.
The venue of any such suit, action or proceeding shall be laid in the
county in which the instrument or instruments are filed in accordance
with subdivision one of this section.
5. Before declaring the principal of notes or bonds due and payable,
the trustee shall first give thirty days' notice in writing to the
governor, to the authority, to the comptroller and to the attorney
general of the state.

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