New York § 129 No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...

New York Statutes

§ 129 — No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...

New York § 129

Law RPPReal Property

Art. 4-ATrust Indentures and Interests Therein

This text of New York § 129 (No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Real Property § 129 (2026).

Text

  § 129. No deposit agreement shall be valid or binding which does not\nset forth the following provisions for the protection of the\nbondholders:\n  (a) That the fees of the members of the committee, the assignee or the\nother person or persons to whom the deposit agreement was given, as the\ncase may be, shall be reasonable and subject to the approval of the\ncourt.\n  (b) That the deposit agreement may not be amended without the approval\nof the court.\n  (c) That the mortgage investments deposited thereunder may not be\nsold, pledged or otherwise disposed of without the unanimous consent of\nthe depositing bondholders or, in lieu thereof, the approval of the\ncourt.\n  (d) No deposit agreement shall be valid or binding or confer any\nrights whatever upon any member of a committee, assi

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§ 129. No deposit agreement shall be valid or binding which does not\nset forth the following provisions for the protection of the\nbondholders:\n (a) That the fees of the members of the committee, the assignee or the\nother person or persons to whom the deposit agreement was given, as the\ncase may be, shall be reasonable and subject to the approval of the\ncourt.\n (b) That the deposit agreement may not be amended without the approval\nof the court.\n (c) That the mortgage investments deposited thereunder may not be\nsold, pledged or otherwise disposed of without the unanimous consent of\nthe depositing bondholders or, in lieu thereof, the approval of the\ncourt.\n (d) No deposit agreement shall be valid or binding or confer any\nrights whatever upon any member of a committee, assignee or other person\nto whom the agreement was given, who has any financial interest directly\nor indirectly in the depositary named or to be named by such committee,\nassignee or other person, and no person shall act for a bondholder or a\ndeposit agreement who has such an interest.\n