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This entry was published on 2014-09-22
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Restrictions on committees
Real Property (RPP) CHAPTER 50, ARTICLE 4-A
§ 130-a. Restrictions on committees. No sale of mortgage investments
by a committee shall be valid unless the fairness of the price received
at such sale shall have first been approved by the court except that
where an action to foreclose a mortgage on the property is pending, the
application to pass upon the fairness of such price shall be determined
by the court in which such action is pending. The hearing upon such
application shall be held at such time and place and upon such notice to
the depositing bondholders as the court shall direct.