N.Y. STF Law § 151

§ 151. When comptroller shall bid in premises. If on a sale on any\nsuch foreclosure, there is not bid and paid or received the amount\nunpaid on the mortgage, for principal and interest and the costs and\nexpenses of the foreclosure, the comptroller may cause the sale to be\npostponed and have the value of the premises appraised by two competent\nand disinterested persons selected by him. If the premises are appraised\nat a sum equal to or exceeding the amount unpaid to the state, including\nthe costs of the foreclosure and expenses of the appraisal, the\ncomptroller on the sale thereof, shall bid for the state such amount, if\nnecessary to prevent a sale of the premises at a less sum. If the\npremises are appraised at a sum less than such amount, the comptroller\nmay bid the amount of the appraisement and no more. If the premises are\nstruck off for a sum less than such amount, no greater sum shall be\ncredited to the mortgagor or any other person, on account of such sale\nthan the sum bid for the premises sold, deducting therefrom all costs\nand expenses of the sale and appraisal. The appraisers shall receive a\nreasonable compensation for their services, to be allowed by the\ncomptroller and paid out of the treasury.\n