ยง 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.
Structure New York Laws
Article 4-A - Trust Indentures and Interests Therein
124 - Purpose and Application of Article.
127 - Restrictions on Trustees.
128 - Minimum Bid of Trustee at Sale on Foreclosure to Be Fixed by Court.
130-A - Restrictions on Committees.
130-B - Managing Agents and Management Companies.
130-C - Voting Trustees and Voting Trust Agreements.
130-E - Removal of Trustees, Committees or Depositaries.
130-F - Actions for Accounting by Minority Groups; Expenses Thereof.
130-G - Violations and Penalties.
130-H - Construction of Article.
130-K - Exemptions From Restrictions on Trustees and Trust Indentures.