N.Y. UDR Law § 20

§ 20. Remedies of bondholders and noteholders. (1) In the event that\nthe corporation shall default in the payment of principal of or interest\non any issue of bonds or notes after the same shall become due, whether\nat maturity or upon call for redemption, and such default shall continue\nfor a period of thirty days, or in the event that the corporation shall\nfail or refuse to comply with the provision of this act, or shall\ndefault in any agreement made with the holders of any issue of bonds or\nnotes, the holders of twenty-five per centum in aggregate principal\namount of the notes or bonds of such issue then outstanding, by\ninstrument or instruments filed in the office of the clerk of the county\nof Albany and approved or acknowledged in the same manner as a deed to\nbe recorded, may appoint a trustee to represent the holders of such\nbonds or notes, for the purposes herein provided.\n (2) Such trustee may, and upon written request of the holders of\ntwenty-five per centum in principal amount of such bonds or notes then\noutstanding shall, in his or its own name:\n (a) by suit, action or proceeding in accordance with the civil\npractice law and rules, enforce all rights of the bondholders or\nnoteholders, to require the corporation to carry out any other\nagreements with the holders of such bonds or notes and to perform its\nduties under this act;\n (b) bring suit upon such bonds or notes;\n (c) by action or suit, require the corporation to account as if it\nwere the trustee of an express trust for the holders of such bonds or\nnotes;\n (d) by action or suit, enjoin any acts or things which may be unlawful\nor in violation of the rights of the holders of such bonds or notes;\n (e) declare all such bonds or notes due and payable, and if all\ndefaults shall be made good, then, with the consent of the holders of\ntwenty-five per centum of the principal amount of such bonds or notes\nthen outstanding, to annul such declaration and its consequences.\n (3) Such trustee shall in addition to the foregoing have and possess\nall of the powers necessary or appropriate for the exercise of any\nfunctions specifically set forth herein or incident to the general\nrepresentation of bondholders or noteholders in the enforcement and\nprotection of their rights.\n (4) The supreme court shall have jurisdiction of any suit, action or\nproceeding by the trustee on behalf of such bondholders or noteholders.\nThe venue of any such suit, action or proceeding shall be laid in the\ncounty of Albany.\n