660 - Remedies of Noteholders and Bondholders.

NY Priv Hous Fin L § 660 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

(a) by suit, action or proceeding in accordance with the civil practice law and rules, enforce all rights of the noteholders or bondholders, including the right to require the corporation to carry out any agreement with such holders and to perform its duties under this article;

(b) bring suit upon such notes or bonds;

(c) by action or suit, require the corporation to account as if it were the trustee of an express trust for the holders of such notes or bonds;

(d) by action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds;

(e) declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of twenty-five per centum of the principal amount of such notes or bonds then outstanding, annul such declaration and its consequences. 3. The supreme court shall have jurisdiction of any suit, action or proceeding by the trustee on behalf of such noteholders or bondholders. The venue of any such suit, action or proceeding shall be laid in the county of New York. 4. Before declaring the principal of notes or bonds due and payable, the trustee shall first give thirty days' notice in writing to the corporation.

Previous Section

659 - City's Right to Require Redemption of Bonds.

Next Section

661 - Assistance to the Corporation.