New York Consolidated Laws, Real Property Law - RPP § 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.