N.Y. Real Property Law § 277-a: Powers of fiduciaries and others holding guaranteed mortgages or mortgage investments

§ 277-a. Powers of fiduciaries and others holding guaranteed mortgages

or mortgage investments. Trustees, executors, administrators, guardians,

committees for incompetents, conservators of conservatees and all other

persons acting in any fiduciary capacity, including all officials of the

state or any political subdivision thereof, and corporations organized

under, or subject to the provisions of the banking law or the insurance

law, who hold any mortgage investment or any wholly owned mortgage

guaranteed by a guaranty corporation, or who hold any claim against a

guaranty corporation, may assent to a plan of reorganization or

readjustment of the guaranty corporation or of the business thereof, or

to any proposal, however designated, to buy any assets of such guaranty

corporation, which has been or shall be approved by the supreme court;

and in connection therewith may assign such claims, execute such

instruments and do such acts as may be required by such plan or

proposal, or as may be necessary or desirable for the consummation

thereof; and may accept in exchange for such claims, and hold same as

legal investments, any stock, securities or obligations, secured or

unsecured, issued pursuant to such plan or proposal; and may join in any

voting trust agreement provided for by such plan or proposal. The terms

"mortgage investment" and "guaranty corporation" as used herein shall be

construed as said terms are defined by section two of chapter seven

hundred forty-five of the laws of nineteen hundred thirty-three, as

amended, and by section three of chapter nineteen of the laws of

nineteen hundred thirty-five, as amended.