New York Consolidated Laws, Real Property Law - RPP § 128. Minimum bid of trustee at sale on foreclosure to be fixed by court

Notwithstanding any inconsistent provision of law, on application for judgment of foreclosure and sale in an action brought to foreclose a trust indenture, deed of trust or mortgage upon real property, except where a plan of reorganization shall have been consented to by one hundred per centum of all the bondholders or where a minimum and maximum sum at which the trustee shall bid for the property has been set forth in a plan of reorganization and approved by the court in a proceeding for the reorganization of the property covered by trust indenture under sections one hundred and twenty-one and one hundred and twenty-two of this chapter, the court shall determine what is a fair upset price below which the property shall not be sold and the judgment directing the foreclosure and sale shall fix the minimum price which the trustee or his agent or nominee shall bid for the property.