§ 119. Purchase by mortgage trustee. Any banking corporation, including corporations organized under the banking law and also national banking associations authorized to act as trustees within this state, which shall act as trustee, depository or in other representative or fiduciary capacity in respect to any mortgage upon real property within this state or upon […]
§ 120. Operation and sale by mortgage trustee. Such banking corporation, upon acquiring such property, shall hold, lease, rent, operate and manage the same for the pro rata benefit of all parties interested in said mortgage, deed of trust or indenture and may, but shall not be required to, issue certificates of participation in said […]
§ 120-a. Liquidation of mortgage by trustee. Any banking corporation or individual acting as trustee in respect to any mortgage upon real property against which bonds shall have been issued to the public and which mortgage shall have been given to such trustee by a corporation organized under the provisions of section one hundred twenty-one […]
§ 121. Reorganization of property covered by trust mortgage. Such banking corporation, under the direction of the court in the foreclosure action may, and if directed by the court shall, purchase or cause to be purchased said real property, pursuant to a reorganization plan, and cause to be formed a domestic business corporation, or a […]
§ 122. Procedure of reorganization and expenses in connection therewith. The reorganization plan may be presented to the court with the complaint for foreclosure, or thereafter by the trustee or by any persons owning or representing twenty-five per centum of the principal amount of the securities covered by such mortgage, deed of trust or indenture […]
§ 122-a. Modification of trust mortgages given in prior re-organizations. Any such banking corporation or any individual acting as trustee in respect to any mortgage, deed of trust or indenture upon real property, or any leasehold interest therein, against which bonds, certificates, shares or any other evidence of interests therein (herein called “debts”) shall have […]
§ 123. Preserving existing rights. Nothing in this act shall be deemed to prevent any bondholder or committee of bondholders from bidding at the foreclosure sale and in case he or they should be a successful bidder, from applying upon the purchase price the bonds held by him or them at the amount distributable thereon […]
