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Statutes » New York » RPP Law » Article 4-A

N.Y. RPP Law § 128

This is the official text of N.Y. RPP Law § 128, part of New York’s RPP Law — part of the compiled statutory law of New York, published by the state as "RPP Law." Browse the sections below, each linked to its official government source.

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Minimum bid of trustee at sale on foreclosure to be fixed by court

Official statutory text

§ 128. Minimum bid of trustee at sale on foreclosure to be fixed by\ncourt. Notwithstanding any inconsistent provision of law, on application\nfor judgment of foreclosure and sale in an action brought to foreclose a\ntrust indenture, deed of trust or mortgage upon real property, except\nwhere a plan of reorganization shall have been consented to by one\nhundred per centum of all the bondholders or where a minimum and maximum\nsum at which the trustee shall bid for the property has been set forth\nin a plan of reorganization and approved by the court in a proceeding\nfor the reorganization of the property covered by trust indenture under\nsections one hundred and twenty-one and one hundred and twenty-two of\nthis chapter, the court shall determine what is a fair upset price below\nwhich the property shall not be sold and the judgment directing the\nforeclosure and sale shall fix the minimum price which the trustee or\nhis agent or nominee shall bid for the property.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.