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New York Real Property Law Section 130-a - Restrictions On Committees.

Legal Research Home > New York Lawyer > Real Property > New York Real Property Law Section 130-a - Restrictions On Committees.

    § 130-a.  Restrictions on committees. No sale of mortgage investments
  by a committee shall be valid unless the fairness of the price  received
  at  such  sale  shall  have first been approved by the court except that
  where an action to foreclose a mortgage on the property is pending,  the
  application  to pass upon the fairness of such price shall be determined
  by the court in which such action is  pending.  The  hearing  upon  such
  application shall be held at such time and place and upon such notice to
  the depositing bondholders as the court shall direct.

Last modified: August 9, 2006