N.Y. Real Property Law § 125: Definitions

§ 125. Definitions. As used in this article, unless the context

requires otherwise:

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.