Full text
In the Matter of the Application of The People of the State of New York, by George S. Van Schaick, as Superintendent of Insurance of the State of New York, for an Order to Take Possession of the Property and Rehabilitate the New York Title and Mortgage Company
Frankenthaler, J. This is a Schackno proceeding for the reorganization of series N-83 of guaranteed mortgage certificates issued by the New York Title and Mortgage Company. The certificates represent a participating interest in a single first mortgage on property at the southwest corner of Lexington avenue and Thirty-second street, New York city. There are 230 certificates outstanding in the aggregate principal sum of $629,100. In addition the title company has an interest of $4,900 in the mortgage.
The proposed plan for the appointment of a specified trustee will be modified so as to make it identical with the plan approved by 865 the court in connection with series BX-19 (154 Misc. 447). The provision for the appointment of a specified trustee will be eliminated, and the certificate holders permitted to elect a trustee or express a preference, if they so desire, for the appointment of a trustee by the court. Settle order and plan on three days’ notice.