§ 214 — Transfer of real property to redevelopment corporation

New York § 214

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 6: Urban Redevelopment Corporations

Text

§ 214. Transfer of real property to redevelopment corporation.\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, cities, all other public bodies, all public\nofficers, corporations organized under or subject to the provisions of\nthe banking law (including savings banks, savings and loan associations,\ntrust companies, private bankers and private banking corporations), the\nsuperintendent of financial services as conservator, liquidator or\nrehabilitator of any such person, partnership or corporation, persons,\npartnerships and corporations organized under or subject to the\nprovisions of the insurance law, the superintendent of financial\nservices as conservator, liquidator or rehabilitator of any such person,\npartnership or corporation, any of which owns or holds any real property\nwithin a development area, may grant, sell, lease or otherwise transfer\nany such real property to a redevelopment corporation, and receive and\nhold any cash, stocks, income debentures, mortgages, or other securities\nor obligations, secured or unsecured, exchanged therefor by such\nredevelopment corporation, and may execute such instruments and do such\nacts as may be deemed necessary or desirable by them or it and by the\nredevelopment corporation in connection with the development and the\ndevelopment plan.\n