N.Y. Est. Powers & Trusts Law § 10-10.5

§ 10-10.5 Power to sell in a mortgage\n Where a power to sell real property is given to a mortgagee or to the\ntransferee in any other conveyance intended to secure the payment of\nmoney, the power is deemed a part of the security, and passes to and may\nbe exercised by any person, who by assignment or otherwise, becomes\nentitled to the money so secured to be paid.\n