New York Laws
Article 10 - Mortgages
151 - When Comptroller Shall Bid in Premises.

§ 151. When comptroller shall bid in premises. If on a sale on any
such foreclosure, there is not bid and paid or received the amount
unpaid on the mortgage, for principal and interest and the costs and
expenses of the foreclosure, the comptroller may cause the sale to be
postponed and have the value of the premises appraised by two competent
and disinterested persons selected by him. If the premises are appraised
at a sum equal to or exceeding the amount unpaid to the state, including
the costs of the foreclosure and expenses of the appraisal, the
comptroller on the sale thereof, shall bid for the state such amount, if
necessary to prevent a sale of the premises at a less sum. If the
premises are appraised at a sum less than such amount, the comptroller
may bid the amount of the appraisement and no more. If the premises are
struck off for a sum less than such amount, no greater sum shall be
credited to the mortgagor or any other person, on account of such sale
than the sum bid for the premises sold, deducting therefrom all costs
and expenses of the sale and appraisal. The appraisers shall receive a
reasonable compensation for their services, to be allowed by the
comptroller and paid out of the treasury.