N.Y. Real Property Law § 120: Operation and sale by mortgage trustee

§ 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

property and the rents, issues and profits thereof to those parties

interested in said mortgage or indenture according to their respective

interests. At any time thereafter with the consent of the holders of

eighty-five per centum of the principal amount of the bonds or

certificates outstanding, or with the approval of the court after such

notice to the bondholders or certificate holders as the court by order

may direct, the court may make an order authorizing the trustee to sell

such property for such price and upon such terms as to credit or

otherwise or for such stocks, bonds or other securities as it deems best

for those beneficially interested in said mortgage, deed of trust or

indenture. The order directing the giving of notice to bondholders and

certificate holders of the application of the trustee to sell such

property shall provide for personal service of such notice not less than

thirty days before the return date thereof, upon not less than ten

specified bondholders or certificate holders and notice by mail to all

other bond or certificate holders whose addresses are known to the

trustee and publication of such notice once a week on a week day for

three successive weeks preceding the return date thereof in one

newspaper of general circulation published in the city or county where

said real property is located.