No sale of mortgage investments by a committee shall be valid unless the fairness of the price received at such sale shall have first been approved by the court except that where an action to foreclose a mortgage on the property is pending, the application to pass upon the fairness of such price shall be determined by the court in which such action is pending. The hearing upon such application shall be held at such time and place and upon such notice to the depositing bondholders as the court shall direct.
New York Legal Code