New York § 124 - 124Purpose and application of article

§ 124. 124Purpose and application of article

§ 124. Purpose and application of article. It is the purpose of the legislature, in enacting this article, to provide for the regulation and supervision of the appointment, creation, agreements, acts, conduct, practices and proceedings of trustees, bondholders' protective committees, depositaries, management companies, voting trustees and other persons administering, holding in custody or otherwise concerned with real estate mortgages and interests therein to the end that such interests will be properly conserved, administered and ultimately liquidated in the public interest. This article, except as otherwise expressly provided, shall apply, to the extent that the state has power to provide therefor, to all mortgage investments, as hereinafter defined, where the property constituting the underlying security therefor, or any part thereof, is located within the state or where the trustee, committee, depositary, management company, voting trustee or other person administering, holding in custody, or otherwise concerned with such investments has an office for the transaction of business with respect thereto within the state or has obtained authority to do business in this state.