§ 277-a. Powers of fiduciaries and others holding guaranteed mortgages
or mortgage investments. Trustees, executors, administrators, guardians,
committees for incompetents, conservators of conservatees and all other
persons acting in any fiduciary capacity, including all officials of the
state or any political subdivision thereof, and corporations organized
under, or subject to the provisions of the banking law or the insurance
law, who hold any mortgage investment or any wholly owned mortgage
guaranteed by a guaranty corporation, or who hold any claim against a
guaranty corporation, may assent to a plan of reorganization or
readjustment of the guaranty corporation or of the business thereof, or
to any proposal, however designated, to buy any assets of such guaranty
corporation, which has been or shall be approved by the supreme court;
and in connection therewith may assign such claims, execute such
instruments and do such acts as may be required by such plan or
proposal, or as may be necessary or desirable for the consummation
thereof; and may accept in exchange for such claims, and hold same as
legal investments, any stock, securities or obligations, secured or
unsecured, issued pursuant to such plan or proposal; and may join in any
voting trust agreement provided for by such plan or proposal. The terms
"mortgage investment" and "guaranty corporation" as used herein shall be
construed as said terms are defined by section two of chapter seven
hundred forty-five of the laws of nineteen hundred thirty-three, as
amended, and by section three of chapter nineteen of the laws of
nineteen hundred thirty-five, as amended.