New York § 129 - 129No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...
Full text of New York New York Consolidated Laws § 129 — 129No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (..., with citation guidance and answers to common questions.
§ 129. 129No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...
§ 129. 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 129
What does New York Consolidated Laws § 129 cover?
Section 129 ("129No deposit agreement shall be valid or binding which does not set forth the following provisions for the protection of the bondholders: (...") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 129?
A common citation format is "New York Consolidated Laws § 129" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 129 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.