§ 75 — Foreclosure and other remedies

New York § 75

• Jurisdiction: New York
• Law MHA: Municipal Housing Authorities
• Art. 5: Of the Former State Housing Law (cited Herein As the "municipal Housing Authorities Law"), As Such Article Existed Immediately Prior to Its Repeal Pursuant to Section 227 of Chapter 808 of the Laws of 1939, Is Provided Here For Ease of Reference and Historical Purposes As Such Text Continues to Be Applicable For the New York City Housing Authority Pursuant to the Provisions of Section 401 of the Current Public Housing Law

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* § 75. Foreclosure and other remedies. 1. In an action to foreclose a\nmortgage on real property of an authority, the authority and the\nmunicipality, in addition to all other necessary parties, shall be made\nparties defendant and shall take such steps in said action as may be\nnecessary to protect the public interest therein and no costs shall be\nawarded against them. Wherever under the instrument creating a lien a\nnotice of default in writing is required to be served upon an authority\nbefore the institution of foreclosure proceedings, a copy of such notice\nshall be served upon the municipality before the institution of such\nproceedings. At such a sale of the property of the authority pursuant\nto foreclosure or other proceedings, the municipality may purchase the\nproperty affected.\n 2. In addition to any other rights and remedies, but subject to such\nlimitations as may be made by contract, any lessor or mortgagee, or any\ntrustee designated in the bonds of an authority or under a mortgage or\nindenture executed by an authority as security for its bonds may: (a) by\nmandamus or other suit, action or proceedings at law or in equity compel\nthe authority to perform each and every term, provision and covenant\ncontained in any agreement of the authority with such trustee, mortgagee\nor lessor and require the performance of any or all such covenants and\nagreements of the authority and of the duties imposed upon the authority\nby this article;\n (b) by action or suit in equity, enjoin any acts or things which may\nbe unlawful or in violation of the rights of such trustee, mortgagee or\nlessor;\n (c) by suit, action or proceedings in any court of competent\njurisdiction compel possession of any project or any part thereof to be\nsurrendered to such trustee, mortgagee or lessor having the right to\nsuch possession under any agreement with the authority;\n (d) by suit, action or proceedings in any court of competent\njurisdiction obtain the appointment of a receiver of any project of the\nauthority or any part thereof and of the rents and profits therefrom. If\nsuch receiver be appointed, he may enter and take possession of such\nproject or any part or parts thereof and operate and maintain same, and\ncollect and receive all fees, rents, revenues, or other charges\nthereafter arising therefrom in the same manner as the authority itself\nmight do, and shall keep such monies in a separate account or accounts\nand apply the same in accordance with the obligations of the authority\nas the court shall direct;\n (e) by action or suit in equity require an authority to account as if\nit were the trustee of an express trust.\n * NB The text of Article 5 of the former State Housing Law (cited\nherein as the "Municipal Housing Authorities Law"), as such article\nexisted immediately prior to its repeal pursuant to section 227 of\nChapter 808 of the Laws of 1939, is provided here for ease of reference\nand historical purposes as such text continues to be applicable for the\nNew York City Housing Authority pursuant to the provisions of section\n401 of the current Public Housing Law.\n