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New York Real Property Law Section 129 - No Deposit Agreement Shall Be Valid Or Binding Which Does Not Set Forth The Following Provisions For The Protection Of The Bondholders

Legal Research Home > New York Lawyer > Real Property > New York Real Property Law Section 129 - No Deposit Agreement Shall Be Valid Or Binding Which Does Not Set Forth The Following Provisions For The Protection Of The Bondholders

    § 129.  No deposit agreement shall be valid or binding which does not
  set  forth  the  following  provisions  for  the   protection   of   the
  bondholders:
    (a) That the fees of the members of the committee, the assignee or the
  other  person or persons to whom the deposit agreement was given, as the
  case may be, shall be reasonable and subject  to  the  approval  of  the
  court.
    (b) That the deposit agreement may not be amended without the approval
  of the court.
    (c)  That  the  mortgage  investments  deposited thereunder may not be
  sold, pledged or otherwise disposed of without the unanimous consent  of
  the  depositing  bondholders  or,  in  lieu thereof, the approval of the
  court.
    (d) No deposit agreement shall be  valid  or  binding  or  confer  any
  rights whatever upon any member of a committee, assignee or other person
  to whom the agreement was given, who has any financial interest directly
  or  indirectly in the depositary named or to be named by such committee,
  assignee or other person, and no person shall act for a bondholder or  a
  deposit agreement who has such an interest.

Last modified: August 10, 2006