Section 277 - Modification and extension of mortgage investment1. 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.N.Y. Real Prop. Law § 277