§ 674-A — Unlawful undertakings

New York § 674-A

• Jurisdiction: New York
• Law BNK: Banking
• Art. 13-D: Misconduct Relating to Banking Organizations

Text

§ 674-a. Unlawful undertakings. 1. Every undertaking, whether written\nor oral, express or implied, constituting or contained in a contract\nheretofore or hereafter entered into, directly or indirectly, between a\nbanking organization, bank holding company, national banking\nassociation, federal savings and loan association or foreign banking\ncorporation and the owner of an interest in real property located in the\nstate, which bars such owner from leasing, selling or otherwise\ndisposing of any interest in real property to any other banking\norganization, bank holding company, national banking association,\nfederal savings and loan association or foreign banking corporation\nshall be null and void.\n 2. Any banking organization, bank holding company, national banking\nassociation, federal savings and loan association, foreign banking\ncorporation or any other entity or person injured in his business or\nproperty by reason of an undertaking which violates subdivision one\nhereof may sue on account thereof and be entitled to recover three times\nthe amount of the damages sustained, and the cost of suit, including\nreasonable attorneys' fees.\n 3. If any provision of this section, or the application of such\nprovision to any individual, company or circumstance, shall be held\ninvalid, the remainder of this section, and the application of such\nsection to individuals, companies or circumstances other than those to\nwhich it is held invalid, shall not be affected thereby.\n