New York Laws
Article 13 - Action to Foreclose a Mortgage
1315 - Action by Owner of Junior Participating Interest.

§ 1315. Action by owner of junior participating interest. An action
may be maintained by the owner of a junior participating share or
interest in a bond or note secured by a mortgage on real, or on real and
personal property, for the payment of principal and interest and for
foreclosure of such bond or note and mortgage in its entirety, or in the
alternative, subject to the interest of the owner of the senior share,
notwithstanding that the entire mortgage debt may be due and payable
according to its terms, in the event that the owner of the senior share,
to whom is given the right in the participating agreement to enforce
such bond or note and mortgage shall fail or refuse to commence an
action for the enforcement of such bond or note and mortgage in any
manner permitted thereby, after ten days' written notice and demand to
commence any such action, following default in the performance of any of
the terms and covenants of such bond or note and mortgage. Upon such
failure or refusal, such junior participant may exercise any and all
options and remedies provided in such bond or note and mortgage or
otherwise available to any holder thereof.