N.Y. Railroad Law § 151

§ 151. Mortgagee may purchase at foreclosure sale. Any mortgagee of\nthe property and franchises of any railroad corporation may become the\npurchaser of the same at any sale thereof under the mortgage, upon\nforeclosure by advertisement, or under a judgment, or decree, or\notherwise, and hold and use the same, with all the rights and privileges\nbelonging thereto or connected therewith for the period of six months,\nand convey the same to any railroad corporation.\n