2010 New York Code
RPP - Real Property
Article 4-A - (124 - 130-K) TRUST INDENTURES AND INTERESTS THEREIN
127 - Restrictions on trustees.

§ 127. Restrictions on trustees. 1. No trustee shall accept a trust or
  act as trustee under a trust mortgage affecting any property in which he
  or  any of the officers or directors of the trustee shall have, directly
  or indirectly, any financial interest.
    2. No trustee nor any officer  or  director  of  a  trustee,  nor  any
  employee  of  any  company  which  is  a subsidiary of, controlled by or
  affiliated with the trustee shall, either directly or indirectly, act as
  insurance broker or agent in connection with the placing or  writing  of
  any  insurance  of  any  kind  on  any property affected or covered by a
  mortgage held by such trustee under a trust indenture, deed of trust, or
  other  similar  instrument,  nor  shall  such  trustee  be  an  officer,
  director, partner or employee of or otherwise connected with or have any
  financial  interest  in,  directly  or  indirectly, in any firm, agency,
  business, association or corporation that shall act as broker  or  agent
  in  connection  with the placing or writing of such insurance; nor shall
  any trustee or any officer, director or employee of the  trustee  be  an
  officer,  director,  partner  or  an  employee  of or have any financial
  interest in any firm, agency, association or corporation engaged by such
  trustee as his or its representative  or  agent  in  the  management  or
  supervision  of, or the collection of rents and income from any property
  affected or covered by the mortgage held by the trustee  under  a  trust
  indenture, deed of trust, or other similar instrument.
    3. No trustee shall accept any trust or act as trustee under any other
  trust indenture covering or affecting the same property.
    4. No owner or mortgagor of any property covered by a trust indenture,
  deed  of  trust,  or  other similar instrument and no officer, director,
  stockholder or employee of such owner or mortgagor shall accept a  trust
  or act as trustee with respect to such property.
    5. The provisions of this section shall only apply to trust indentures
  or mortgages hereafter entered into.