N.Y. Real Property Law § 124: Purpose and application of article

§ 124. Purpose and application of article. It is the purpose of the

legislature, in enacting this article, to provide for the regulation and

supervision of the appointment, creation, agreements, acts, conduct,

practices and proceedings of trustees, bondholders' protective

committees, depositaries, management companies, voting trustees and

other persons administering, holding in custody or otherwise concerned

with real estate mortgages and interests therein to the end that such

interests will be properly conserved, administered and ultimately

liquidated in the public interest. This article, except as otherwise

expressly provided, shall apply, to the extent that the state has power

to provide therefor, to all mortgage investments, as hereinafter

defined, where the property constituting the underlying security

therefor, or any part thereof, is located within the state or where the

trustee, committee, depositary, management company, voting trustee or

other person administering, holding in custody, or otherwise concerned

with such investments has an office for the transaction of business with

respect thereto within the state or has obtained authority to do

business in this state.