Legal Research Home > New York Lawyer > Real Property > New York Real Property Law Section 128 - Minimum Bid Of Trustee At Sale On Foreclosure To Be Fixed By Court.




    § 128.  Minimum  bid of trustee at sale on foreclosure to be fixed by
  court. Notwithstanding any inconsistent provision of law, on application
  for judgment of foreclosure and sale in an action brought to foreclose a
  trust indenture, deed of trust or mortgage upon  real  property,  except
  where  a  plan  of  reorganization  shall  have been consented to by one
  hundred per centum of all the bondholders or where a minimum and maximum
  sum at which the trustee shall bid for the property has been  set  forth
  in  a  plan  of reorganization and approved by the court in a proceeding
  for the reorganization of the property covered by trust indenture  under
  sections  one  hundred  and twenty-one and one hundred and twenty-two of
  this chapter, the court shall determine what is a fair upset price below
  which the property shall not be sold  and  the  judgment  directing  the
  foreclosure  and  sale  shall fix the minimum price which the trustee or
  his agent or nominee shall bid for the property.

Last modified: August 9, 2006