N.Y. Real Property Law § 130-a: Restrictions on committees

§ 130-a. Restrictions on committees. No sale of mortgage investments

by a committee shall be valid unless the fairness of the price received

at such sale shall have first been approved by the court except that

where an action to foreclose a mortgage on the property is pending, the

application to pass upon the fairness of such price shall be determined

by the court in which such action is pending. The hearing upon such

application shall be held at such time and place and upon such notice to

the depositing bondholders as the court shall direct.