2006 New York Code - Receiver.

 
    * §  1420. Receiver. 1. Where the mortgage provides that the mortgagee
  is entitled to the appointment of a receiver for the mortgaged property,
  the mortgagee shall have the right at any time after the filing  of  the
  notice  of  pendency  pursuant to section fourteen hundred three of this
  article to make an application under the index number  assigned  to  the
  non-judicial proceeding, in the supreme court in the county in which the
  sale takes place, for the appointment of a receiver.
    2.  Where  the  mortgage  provides  that  a  receiver may be appointed
  without notice or contains the covenant set forth in subdivision ten  of
  section  two  hundred  fifty-four of the real property law, notice of an
  application for such appointment shall not be required and the  receiver
  shall  be  appointed  by the court pursuant to an order submitted by the
  mortgagee simultaneously with, or at any time after, the filing  of  the
  application therefor.
    3.  Where  a  receiver has been appointed, upon the application of the
  mortgagee, the court may direct that the receiver of the rents apply the
  rents received by the receiver towards the payment of  accrued  interest
  on  the  mortgage,  provided  due provision shall have been made for the
  payment of taxes and ordinary and necessary expenses for the  operation,
  repair and maintenance of the mortgaged property and such other expenses
  as  the  court may direct. Any moneys so paid over by the receiver shall
  be deducted from the amount due on the mortgage, or the  note,  bond  or
  obligation  secured  thereby,  and  the  mortgagee's  affidavit  of  the
  indebtedness filed with the report of sale pursuant to section  fourteen
  hundred fourteen of this article shall so state the amounts thereof.
    4.  In  a  city  with  a population of one million or more persons, an
  order appointing a receiver to  receive  the  rents  and  profits  of  a
  multiple dwelling shall provide that the receiver:
    (a)  register  with any municipal department as provided by applicable
  law; and
    (b) expend rents and income and profits as  described  in  subdivision
  three  of  this  section,  except  that a priority shall be given to the
  correction of immediately hazardous and hazardous violations of  housing
  maintenance  laws  within  the  time  set  by  orders  of  any municipal
  department, or, if not feasible, seek a postponement  of  the  time  for
  compliance.
    5.  The  receiver shall be entitled to such commissions, not exceeding
  five percent of the greater of (a) the sums received by the receiver  or
  (b)  the  sums  disbursed  by  the  receiver,  as the court by which the
  receiver is appointed allows.
    * NB Repealed July 1, 2009