Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2021 | Updated by FindLaw Staff
No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders:
(a) That the fees of the members of the committee, the assignee or the other person or persons to whom the deposit agreement was given, as the case may be, shall be reasonable and subject to the approval of the court.
(b) That the deposit agreement may not be amended without the approval of the court.
(c) That the mortgage investments deposited thereunder may not be sold, pledged or otherwise disposed of without the unanimous consent of the depositing bondholders or, in lieu thereof, the approval of the court.
(d) No deposit agreement shall be valid or binding or confer any rights whatever upon any member of a committee, assignee or other person to whom the agreement was given, who has any financial interest directly or indirectly in the depositary named or to be named by such committee, assignee or other person, and no person shall act for a bondholder or a deposit agreement who has such an interest.
Cite this article: FindLaw.com - New York Consolidated Laws, Real Property Law - RPP § 129. [Deposit agreements] - last updated January 01, 2021 | https://codes.findlaw.com/ny/real-property-law/rpp-sect-129/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)