3664 - Remedies of bondholders.

§  3664.  Remedies  of  bondholders.  Subject  to  any  resolution  or  resolutions adopted pursuant to paragraph (f) of  subdivision  seven  of  section thirty-six hundred fifty-six of this title:    1.  In  the  event  that the authority shall default in the payment of  principal of or interest on any issue of  bonds  after  the  same  shall  become  due,  whether  at maturity or upon call for redemption, and such  default shall continue for a period of thirty days, or shall default  in  any  agreement  made with the holders of any issue of bonds, the holders  of at least twenty-five per centum in aggregate principal amount of  the  bonds of such issue then outstanding, by instrument or instruments filed  in  the  office of the clerk of the county and proved or acknowledged in  the same manner as a deed to be  recorded,  may  appoint  a  trustee  to  represent  the  holders  of  such bonds for the purpose provided in this  section.    2. Such trustee may, and upon written request of  the  holders  of  at  least   twenty-five  per  centum  in  principal  amount  of  such  bonds  outstanding shall, in his or her or its own name:    (a) by action or proceeding in accordance with the civil practice  law  and  rules,  enforce  all  rights  of  the  bondholders  and require the  authority to carry out any other agreements with  the  holders  of  such  bonds and to perform its duties under this title;    (b) bring an action or proceeding upon such bonds;    (c) by action or proceeding, require the authority to account as if it  were the trustee of an express trust for the holder of such bonds; and    (d)  by  action  or proceeding, enjoin any acts or things which may be  unlawful or in violation of the rights of the holders of such bonds.    3. Such trustee shall, in addition to the provisions  of  subdivisions  one  and  two  of  this  section,  have  and  possess  all of the powers  necessary or appropriate for the exercise of any functions  specifically  set  forth  in this section or incident to the general representation of  bondholders in the enforcement and protection of their rights.    4. The  supreme  court  shall  have  jurisdiction  of  any  action  or  proceeding by the trustee on behalf of such bondholders.