New York Laws
Title 12
1983 - Remedies of Bondholders.

(a) by mandamus or other suit, action or proceeding at law or in
equity enforce all rights of the bondholders, including the right to
require the authority to collect revenues, rates, rentals, fees and
other charges adequate to carry out any agreement as to, or pledge of
such revenues, rates, rentals, fees and other charges and to require the
authority to carry out any other agreements with the holders of such
bonds and to perform its duties under this title;
(b) bring suit upon such bonds;
(c) by action or suit in equity, require the authority to account as
if it were the trustee of an express trust for the holders of such
bonds;
(d) by action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the holders of such bonds;
(e) declare all such 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 bonds then outstanding, to annul
such declaration and its consequences.
3. The supreme court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of bondholders.
4. Before declaring the principal of all such bonds due and payable
the trustee shall first give thirty days' notice in writing to the
authority.
5. Any such trustee whether or not the issue of bonds represented by
such trustee be declared due and payable, shall be entitled as of right
to the appointment of a receiver of any part or parts of the project the
revenues of which are pledged for the security of the bonds of such
issue, and such receiver may enter and take possession of such part or
parts of such project, and, subject to any pledge or agreement with
bondholders, shall take possession of all moneys and other property
derived from such part or parts of such project and proceed with any
construction thereon or the acquisition of any property, real or
personal, in connection therewith which the authority is under
obligation to do, and to operate, maintain and reconstruct such part or
parts of the project and collect and receive all revenues thereafter
arising therefrom, subject to any pledge thereof or agreement with
bondholders relating thereto, and perform the public duties and carry
out the agreements and obligations of the authority under the direction
of the court. In any suit, action or proceeding by the trustee the fees,
counsel fees and expenses of the trustee and of the receiver, if any,
shall constitute taxable disbursements and all costs and disbursements
allowed by the court shall be a first charge on any revenues derived
from the project.

6. Such trustees 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 in the enforcement and protection of their
rights.