§ 277. Modification and extension of mortgage investment. 1.
Corporations, trustees, executors, administrators, guardians,
committees, conservators and other persons holding trust funds, savings
banks and other corporations that shall have made or shall own or hold
an investment, with the specified ratio of real property security, in a
bond and mortgage or share or part thereof or series or group of bonds
and mortgages or in any instrument evidencing any collateral or other
interest in such a bond and mortgage or share or part thereof or such
series or group of bonds and mortgages, or in any participation or other
certificate secured by the deposit of, or evidencing any share, part or
interest in the principal sum of any such bond and mortgage or share or
part thereof or series or group of bonds and mortgages, whether any of
such investments, instruments or certificates be guaranteed or not, may,
prior to April first, nineteen hundred sixty-nine waive or modify, or
agree to waive or modify, either with or without consideration and prior
or subsequent to maturity, any terms and conditions thereof, including
the rate of interest, due or to become due and extend or re-extend or
agree to extend or re-extend such bond and mortgage or share or part
thereof, or such series or group or such evidencing instrument or
participation or other certificate for a period of not more than five
years from the time of such extension, by agreement with the owner of
the real property subject to the lien of such bond and mortgage or bonds
and mortgages or by agreement with the issuer or guarantor of any such
evidencing instrument or participation or other certificate,
notwithstanding that, at the time of such waiver, modification,
extension or agreement, the value of such real property may be less than
that required by law for an original investment of such an amount
therein by such holder and, in case any such investment is guaranteed,
any such holder thereof may also extend or re-extend or agree to extend
or re-extend the time of payment under the guaranty for a like period
from its due date, and may release or agree to release such guaranty or
from time to time waive or modify or agree to waive or modify any terms
or conditions thereof, including the rate of interest due or to become
due.

2. In addition to the provisions of subdivision one hereof, any
corporation, trustee, executor, administrator, guardian, committee,
conservator or other person, including any official of the state or any
political subdivision thereof, holding trust funds, or any savings bank
or other corporation that shall have made or shall own or hold such
investment, may prior to April first, nineteen hundred sixty-nine join
in promulgating, participate in, consent to or pay any assessment under
or incur any necessary expense in connection with participation in any
plan providing for the readjustment, modification or reorganization of
such investment, which plan is required by the terms thereof or the
provisions of law applicable thereto to be approved by a court of this
or any other state or of the United States, having competent
jurisdiction over proceedings for such readjustment, modification or
reorganization, and if such plan shall have been or shall hereafter be
duly approved by any such court, may execute such instruments and do
such acts as may be required thereby, and as may be necessary or
desirable for the consummation thereof, and may accept and hold, as
legal investments, any securities or obligations, secured or unsecured,
issued pursuant to such plan so approved, notwithstanding, without
limiting the generality of the foregoing, that such plan may provide for
the extension of the maturity or reduction of the principal, or of the
rate of interest, or for any other modification of such investment or of
any bond and mortgage or bonds and mortgages held as security for or for
the benefit of the holders of such investment.

3. This section shall be construed so as to effectuate its purpose as
a grant of powers. The limitations and restrictions contained herein
shall not apply to powers granted by any other law but only to the
powers granted herein.