§ 116 — Transfer of real property to redevelopment company

New York § 116

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 5: Redevelopment Companies

Text

§ 116. Transfer of real property to redevelopment company.\nNotwithstanding any requirement of law to the contrary or the absence of\ndirect provision therefor in the instrument under which a fiduciary is\nacting, every executor, administrator, trustee, guardian or other\nperson, holding trust funds or acting in a fiduciary capacity, unless\nthe instrument under which such fiduciary is acting expressly forbids,\nthe state, its subdivisions, municipalities, all other public bodies,\nall public officers, persons, partnerships and corporations organized\nunder or subject to the provisions of the insurance law, the\nsuperintendent of financial services as conservator, liquidator or\nrehabilitator of any such person, partnership or corporation, owning or\nholding any real property within an area, may grant, sell, lease or\notherwise transfer any such real property to a redevelopment company and\nreceive and hold any cash, stock, income debentures, bonds, mortgages,\nor other securities or obligations, secured or unsecured, exchanged\ntherefor by such redevelopment company and may execute such instruments\nand do such acts as may be deemed necessary or desirable by them or it\nand by the redevelopment company in connection with a project or\nprojects. An insurance company which has undertaken a project through\ndirect ownership and/or lease may transfer to the project any real\nproperty which it owns or holds within an area and the actual cost of\nsuch property to the insurance company shall be included in the total\nactual final cost of such project.\n