N.Y. Real Property Law § 124 (2026)

§ 124. Purpose and application of article. It is the purpose of the
legislature, in enacting this article, to provide for the regulation and
supervision of the appointment, creation, agreements, acts, conduct,
practices and proceedings of trustees, bondholders' protective
committees, depositaries, management companies, voting trustees and
other persons administering, holding in custody or otherwise concerned
with real estate mortgages and interests therein to the end that such
interests will be properly conserved, administered and ultimately
liquidated in the public interest. This article, except as otherwise
expressly provided, shall apply, to the extent that the state has power
to provide therefor, to all mortgage investments, as hereinafter
defined, where the property constituting the underlying security
therefor, or any part thereof, is located within the state or where the
trustee, committee, depositary, management company, voting trustee or
other person administering, holding in custody, or otherwise concerned
with such investments has an office for the transaction of business with
respect thereto within the state or has obtained authority to do
business in this state.