2015 New York Laws
RPP - Real Property
Article 8 - (Real Property) CONVEYANCES AND MORTGAGES
277-A - Powers of fiduciaries and others holding guaranteed mortgages or mortgage investments.

 277-a. Powers of fiduciaries and others holding guaranteed mortgages
  or mortgage investments. Trustees, executors, administrators, guardians,
  committees  for incompetents, conservators of conservatees and all other
  persons acting in any fiduciary capacity, including all officials of the
  state or any political subdivision thereof, and  corporations  organized
  under,  or subject to the provisions of the banking law or the insurance
  law, who hold any mortgage  investment  or  any  wholly  owned  mortgage
  guaranteed  by  a  guaranty corporation, or who hold any claim against a
  guaranty  corporation,  may  assent  to  a  plan  of  reorganization  or
  readjustment  of the guaranty corporation or of the business thereof, or
  to any proposal, however designated, to buy any assets of such  guaranty
  corporation,  which  has been or shall be approved by the supreme court;
  and in  connection  therewith  may  assign  such  claims,  execute  such
  instruments  and  do  such  acts  as  may  be  required  by such plan or
  proposal, or as may be  necessary  or  desirable  for  the  consummation
  thereof;  and  may  accept in exchange for such claims, and hold same as
  legal investments, any stock,  securities  or  obligations,  secured  or
  unsecured, issued pursuant to such plan or proposal; and may join in any
  voting  trust agreement provided for by such plan or proposal. The terms
  "mortgage investment" and "guaranty corporation" as used herein shall be
  construed as said terms are defined by  section  two  of  chapter  seven
  hundred  forty-five  of  the  laws  of nineteen hundred thirty-three, as
  amended, and by section  three  of  chapter  nineteen  of  the  laws  of
  nineteen hundred thirty-five, as amended.