N.Y. Real Property Law § 128: Minimum bid of trustee at sale on foreclosure to be fixed by court

§ 128. Minimum bid of trustee at sale on foreclosure to be fixed by

court. Notwithstanding any inconsistent provision of law, on application

for judgment of foreclosure and sale in an action brought to foreclose a

trust indenture, deed of trust or mortgage upon real property, except

where a plan of reorganization shall have been consented to by one

hundred per centum of all the bondholders or where a minimum and maximum

sum at which the trustee shall bid for the property has been set forth

in a plan of reorganization and approved by the court in a proceeding

for the reorganization of the property covered by trust indenture under

sections one hundred and twenty-one and one hundred and twenty-two of

this chapter, the court shall determine what is a fair upset price below

which the property shall not be sold and the judgment directing the

foreclosure and sale shall fix the minimum price which the trustee or

his agent or nominee shall bid for the property.