N.Y. Real Property Law § 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.