§ 277-A — Powers of fiduciaries and others holding guaranteed mortgages or mortgage investments

New York § 277-A

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 8: Conveyances and Mortgages

Text

§ 277-a. Powers of fiduciaries and others holding guaranteed mortgages\nor mortgage investments. Trustees, executors, administrators, guardians,\ncommittees for incompetents, conservators of conservatees and all other\npersons acting in any fiduciary capacity, including all officials of the\nstate or any political subdivision thereof, and corporations organized\nunder, or subject to the provisions of the banking law or the insurance\nlaw, who hold any mortgage investment or any wholly owned mortgage\nguaranteed by a guaranty corporation, or who hold any claim against a\nguaranty corporation, may assent to a plan of reorganization or\nreadjustment of the guaranty corporation or of the business thereof, or\nto any proposal, however designated, to buy any assets of such guaranty\ncorporation, which has been or shall be approved by the supreme court;\nand in connection therewith may assign such claims, execute such\ninstruments and do such acts as may be required by such plan or\nproposal, or as may be necessary or desirable for the consummation\nthereof; and may accept in exchange for such claims, and hold same as\nlegal investments, any stock, securities or obligations, secured or\nunsecured, issued pursuant to such plan or proposal; and may join in any\nvoting trust agreement provided for by such plan or proposal. The terms\n"mortgage investment" and "guaranty corporation" as used herein shall be\nconstrued as said terms are defined by section two of chapter seven\nhundred forty-five of the laws of nineteen hundred thirty-three, as\namended, and by section three of chapter nineteen of the laws of\nnineteen hundred thirty-five, as amended.\n