2006 New York Code - Action By Owner Of Junior Participating Interest.

 
    §  1315.  Action by owner of junior participating interest.  An action
  may be maintained by the  owner  of  a  junior  participating  share  or
  interest in a bond or note secured by a mortgage on real, or on real and
  personal  property,  for  the  payment of principal and interest and for
  foreclosure of such bond or note and mortgage in its entirety, or in the
  alternative, subject to the interest of the owner of the  senior  share,
  notwithstanding  that  the  entire  mortgage debt may be due and payable
  according to its terms, in the event that the owner of the senior share,
  to whom is given the right in the  participating  agreement  to  enforce
  such  bond  or  note  and  mortgage  shall fail or refuse to commence an
  action for the enforcement of such bond or  note  and  mortgage  in  any
  manner  permitted  thereby, after ten days' written notice and demand to
  commence any such action, following default in the performance of any of
  the terms and covenants of such bond or note and mortgage.    Upon  such
  failure  or  refusal,  such  junior participant may exercise any and all
  options and remedies provided in such  bond  or  note  and  mortgage  or
  otherwise available to any holder thereof.