2010 New York Code
RPP - Real Property
Article 4 - (119 - 123) USES AND TRUSTS
120 - Operation and sale by mortgage trustee.

§   120.   Operation  and  sale  by  mortgage  trustee.  Such  banking
  corporation, upon acquiring such  property,  shall  hold,  lease,  rent,
  operate  and  manage  the  same  for the pro rata benefit of all parties
  interested in said mortgage, deed of trust or  indenture  and  may,  but
  shall  not  be  required to, issue certificates of participation in said
  property and the rents, issues and  profits  thereof  to  those  parties
  interested  in  said mortgage or indenture according to their respective
  interests. At any time thereafter with the consent  of  the  holders  of
  eighty-five  per  centum  of  the  principal  amount  of  the  bonds  or
  certificates outstanding, or with the approval of the court  after  such
  notice  to  the bondholders or certificate holders as the court by order
  may direct, the court may make an order authorizing the trustee to  sell
  such  property  for  such  price  and  upon  such  terms as to credit or
  otherwise or for such stocks, bonds or other securities as it deems best
  for those beneficially interested in said mortgage,  deed  of  trust  or
  indenture.  The  order directing the giving of notice to bondholders and
  certificate holders of the application  of  the  trustee  to  sell  such
  property shall provide for personal service of such notice not less than
  thirty  days  before  the  return  date  thereof, upon not less than ten
  specified bondholders or certificate holders and notice by mail  to  all
  other  bond  or  certificate  holders  whose  addresses are known to the
  trustee and publication of such notice once a week on  a  week  day  for
  three  successive  weeks  preceding  the  return  date  thereof  in  one
  newspaper of general circulation published in the city or  county  where
  said real property is located.