N.Y. State Finance Law § 151: When comptroller shall bid in premises

§ 151. When comptroller shall bid in premises. If on a sale on any

such foreclosure, there is not bid and paid or received the amount

unpaid on the mortgage, for principal and interest and the costs and

expenses of the foreclosure, the comptroller may cause the sale to be

postponed and have the value of the premises appraised by two competent

and disinterested persons selected by him. If the premises are appraised

at a sum equal to or exceeding the amount unpaid to the state, including

the costs of the foreclosure and expenses of the appraisal, the

comptroller on the sale thereof, shall bid for the state such amount, if

necessary to prevent a sale of the premises at a less sum. If the

premises are appraised at a sum less than such amount, the comptroller

may bid the amount of the appraisement and no more. If the premises are

struck off for a sum less than such amount, no greater sum shall be

credited to the mortgagor or any other person, on account of such sale

than the sum bid for the premises sold, deducting therefrom all costs

and expenses of the sale and appraisal. The appraisers shall receive a

reasonable compensation for their services, to be allowed by the

comptroller and paid out of the treasury.