N.Y. Real Property Law Section 129
No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...

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

(a)

That the fees of the members of the committee, the assignee or the other person or persons to whom the deposit agreement was given, as the case may be, shall be reasonable and subject to the approval of the court.

(b)

That the deposit agreement may not be amended without the approval of the court.

(c)

That the mortgage investments deposited thereunder may not be sold, pledged or otherwise disposed of without the unanimous consent of the depositing bondholders or, in lieu thereof, the approval of the court.

(d)

No deposit agreement shall be valid or binding or confer any rights whatever upon any member of a committee, assignee or other person to whom the agreement was given, who has any financial interest directly or indirectly in the depositary named or to be named by such committee, assignee or other person, and no person shall act for a bondholder or a deposit agreement who has such an interest.

Source: Section 129 — No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (..., https://www.­nysenate.­gov/legislation/laws/RPP/129 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 129’s source at nysenate​.gov

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