§ 411 — Real estate

§ 411. Real estate. (a) A society shall not sell or mortgage any of\nits real property without applying for and obtaining leave of the court\ntherefor pursuant to the provisions of article five of the\nnot-for-profit corporation law.\n (b) If a sale or mortgage of any real property of any such society has\nbeen heretofore or shall be hereafter made and a conveyance or mortgage\nexecuted and delivered without the authority of a court of competent\njurisdiction, obtained as required by law, or not in accordance with its\ndirections, the court may, thereafter, upon the application of the\ncorporation, or of the grantee or mortgagee in any such conveyance or\nmortgage or of any person claiming through or under any such grantee or\nmortgagee upon such notice to such corporation, or its successor, and\nsuch other person or persons as may be interested in such property, as\nthe court may prescribe, confirm said previously executed conveyance or\nmortgage, and order and direct the execution and delivery of a\nconfirmatory deed or mortgage, or the recording of such confirmatory\norder in the office where deeds and mortgages are recorded in the county\nin which the property is located; and upon compliance with the said\norder such original conveyance or mortgage shall be as valid and of the\nsame force and effect as if it has been executed and delivered after due\nproceedings had in accordance with the statute and the direction of the\ncourt.\n (c) The provisions of this section shall not apply to real property\nheretofore or hereafter acquired on a sale in an action or proceeding\nfor the foreclosure of a mortgage owned by a society or held by a\ntrustee for or in behalf of a society or to real property heretofore or\nhereafter acquired by a society or held by a trustee for or in behalf of\na society by deed in lieu of the foreclosure of a mortgage owned, either\nin whole or in part, whether in certificate form or otherwise, by a\nsociety.\n