New York § 128 Minimum bid of trustee at sale on foreclosure to be fixed by court

New York Statutes

§ 128 — Minimum bid of trustee at sale on foreclosure to be fixed by court

New York § 128

Law RPPReal Property

Art. 4-ATrust Indentures and Interests Therein

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Bluebook

N.Y. Real Property § 128 (2026).

Text

  § 128. Minimum bid of trustee at sale on foreclosure to be fixed by\ncourt. Notwithstanding any inconsistent provision of law, on application\nfor judgment of foreclosure and sale in an action brought to foreclose a\ntrust indenture, deed of trust or mortgage upon real property, except\nwhere a plan of reorganization shall have been consented to by one\nhundred per centum of all the bondholders or where a minimum and maximum\nsum at which the trustee shall bid for the property has been set forth\nin a plan of reorganization and approved by the court in a proceeding\nfor the reorganization of the property covered by trust indenture under\nsections one hundred and twenty-one and one hundred and twenty-two of\nthis chapter, the court shall determine what is a fair upset price below\nwhich t

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§ 128. Minimum bid of trustee at sale on foreclosure to be fixed by\ncourt. Notwithstanding any inconsistent provision of law, on application\nfor judgment of foreclosure and sale in an action brought to foreclose a\ntrust indenture, deed of trust or mortgage upon real property, except\nwhere a plan of reorganization shall have been consented to by one\nhundred per centum of all the bondholders or where a minimum and maximum\nsum at which the trustee shall bid for the property has been set forth\nin a plan of reorganization and approved by the court in a proceeding\nfor the reorganization of the property covered by trust indenture under\nsections one hundred and twenty-one and one hundred and twenty-two of\nthis chapter, the court shall determine what is a fair upset price below\nwhich the property shall not be sold and the judgment directing the\nforeclosure and sale shall fix the minimum price which the trustee or\nhis agent or nominee shall bid for the property.\n