§ 124 — Purpose and application of article

New York § 124

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 4-A: Trust Indentures and Interests Therein

Text

§ 124. Purpose and application of article. It is the purpose of the\nlegislature, in enacting this article, to provide for the regulation and\nsupervision of the appointment, creation, agreements, acts, conduct,\npractices and proceedings of trustees, bondholders' protective\ncommittees, depositaries, management companies, voting trustees and\nother persons administering, holding in custody or otherwise concerned\nwith real estate mortgages and interests therein to the end that such\ninterests will be properly conserved, administered and ultimately\nliquidated in the public interest. This article, except as otherwise\nexpressly provided, shall apply, to the extent that the state has power\nto provide therefor, to all mortgage investments, as hereinafter\ndefined, where the property constituting the underlying security\ntherefor, or any part thereof, is located within the state or where the\ntrustee, committee, depositary, management company, voting trustee or\nother person administering, holding in custody, or otherwise concerned\nwith such investments has an office for the transaction of business with\nrespect thereto within the state or has obtained authority to do\nbusiness in this state.\n