§ 3017. Remedies of noteholders and bondholders.
1.In the event that\na corporation shall default in the payment of principal of or interest\non or sinking fund payment on, any issue of notes or bonds after the\nsame shall become due, whether at maturity or otherwise or in the event\nthat a corporation shall default in any agreement made with the holders\nof any issue of notes or bonds, the holders of twenty-five per centum in\naggregate principal amount of the notes or bonds of such issue then\noutstanding, by instrument or instruments filed in the office of the\nclerk of the county in which the principal office of such corporation is\nlocated and proved or acknowledged in the same manner as a deed to be\nrecorded, may appoint a trustee to represent the holders of such notes\nor bonds
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§ 3017. Remedies of noteholders and bondholders. 1. In the event that\na corporation shall default in the payment of principal of or interest\non or sinking fund payment on, any issue of notes or bonds after the\nsame shall become due, whether at maturity or otherwise or in the event\nthat a corporation shall default in any agreement made with the holders\nof any issue of notes or bonds, the holders of twenty-five per centum in\naggregate principal amount of the notes or bonds of such issue then\noutstanding, by instrument or instruments filed in the office of the\nclerk of the county in which the principal office of such corporation is\nlocated and proved or acknowledged in the same manner as a deed to be\nrecorded, may appoint a trustee to represent the holders of such notes\nor bonds for the purposes herein provided.\n 2. Such trustee may, and upon written request of the holders of\ntwenty-five percentum in principal amount of such notes or bonds then\noutstanding, shall, in his or its own name:\n (a) by suit, action or proceeding in accordance with the civil\npractice law and rules, enforce all rights of the noteholders or\nbondholders, including the right to require the corporation to carry out\nany agreement with such holders and to perform its duties under this\nact;\n (b) bring suit upon such notes or bonds;\n (c) by action or suit, require the corporation to account as if it\nwere the trustee of an express trust for the holders of such notes or\nbonds;\n (d) by action or suit, enjoin any acts or things which may be unlawful\nor in violation of the rights of the holders of such notes or bonds;\n (e) declare all such notes or bonds due and payable, and if all\ndefaults shall be made good, then, with the consent of the holders of\ntwenty-five per centum of the principal amount of such notes or bonds\nthen outstanding, annul such declaration and its consequences.\n 3. The supreme court shall have jurisdiction of any suit, action or\nproceeding by the noteholder or bondholder trustee on behalf of such\nnoteholders or bondholders. The venue of any such suit, action or\nproceeding shall be laid in the county in which the principal office of\nthe corporation is located.\n 4. Before declaring the principal of notes or bonds due and payable,\nthe trustee shall first give thirty days' notice in writing to the\ngovernor, the corporation and to the attorney general of the state.\n