N.Y.
Real Property Law Section 125
Definitions
1.
“Mortgage investments” shall mean and include any and all shares and interests, heretofore or hereafter acquired, in an issue of bonds, notes or other evidence of indebtedness of individuals, partnerships, associations or corporations, held by more than one person and secured by a mortgage or mortgages upon real property, or by a deed or deeds of trust, trust indenture or indentures or other evidence of interest in real property, the payment of which is not guaranteed by any title and mortgage guaranty corporation or investment company and shall include certificates of deposit issued by or on behalf of a bondholders’ protective committee or similar group and also any bonds, notes or other evidences of indebtedness taken in lieu of such real property by foreclosure or otherwise, provided, however, that it shall not include industrial securities. The term “industrial securities” shall be construed to mean the bonds, debentures, notes or other evidences of indebtedness of individuals, partnerships, associations or corporations not engaged in the business of owning, improving or operating real property but whose ownership of such real property shall be merely incidental to the operation and conduct of its business and which real property shall be used as incidental and additional security for such bonds, notes, debentures or other evidences of indebtedness.2.
“Bondholder” shall mean and include any person, firm, association or corporation owning or holding a mortgage investment.3.
“Trustee” shall mean and include any person, firm, association or corporation named, appointed or designated as such in any deed of trust, trust indenture or other similar instrument or any successor of such trustee.4.
“Committee” shall mean and include a person or group of persons, however known or designated, appointed by agreement, assignment, proxy, consent, authorization, power of attorney, or other similar instrument to act as an agency to receive and hold mortgage investments deposited by bondholders and to administer or do any act in respect to the same for the bondholders.5.
“Deposit agreement” shall include any agreement, assignment, proxy, consent, authorization, power of attorney or other similar instrument whereby a mortgage investment is deposited with or assigned to a committee.6.
“Depositary” shall mean and include any person, firm, association or corporation designated in any trust indenture, deed of trust, or deposit agreement as the custodian or depositary of mortgage investments.7.
“Property” shall mean and include all of the real property or any incidental personal property constituting the underlying security for mortgage investments.8.
“Court,” unless some other court has jurisdiction over the property or a plan of reorganization therefor, shall mean the supreme court of the state of New York in the county in which the property or the major portion thereof is located, or, if the property be located outside the state, in the county of the state in which the committee, trustee or other person dealing with the mortgage investment has or proposes to have his principal office for the transaction of business with respect to such mortgage investment.
Source:
Section 125 — Definitions, https://www.nysenate.gov/legislation/laws/RPP/125 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
