§ 278-A — Sale or exchange of certain real property or mortgage investments therein authorized

New York § 278-A

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 8: Conveyances and Mortgages

Text

§ 278-a. Sale or exchange of certain real property or mortgage\ninvestments therein authorized. Trustees, executors, administrators,\nguardians, committees, conservators and all other persons or\ncorporations holding trust funds or acting in a fiduciary capacity,\ncorporations and private bankers organized under or subject to the\nprovisions of the banking law, the superintendent of financial services\nas conservator, liquidator or rehabilitator of any such corporation or\nprivate banker organized under and subject to the provisions of the\nbanking law, persons, partnerships and corporations organized under or\nsubject to the provisions of the insurance law, the superintendent of\nfinancial services as conservator, liquidator or rehabilitator of any\nsuch person, partnership or corporation organized under or subject to\nthe provisions of the insurance law who or which (1) own any property on\nwhich there is a building defined in the multiple dwelling law as an old\nlaw tenement or who or which hold a mortgage or other lien on such\nproperty, or\n (2) own any property, improved or unimproved, or any mortgage or other\nlien thereon, within any section of a municipality included in a map\nshowing sections containing areas for clearance, replanning and low rent\nhousing, adopted by the planning commission of the municipality as a\nwhole or part of the master plan, or\n (3) own any property, improved or unimproved, or any mortgage or other\nlien thereon, within any section of a municipality which may be\ndesignated by the planning commission or the housing authority of the\nmunicipality as substandard or insanitary, may sell such property,\nmortgage or lien, and may, notwithstanding any other provision of law,\nreceive and hold in exchange therefor securities issued by a corporation\nowning or acquiring title to such property, if such corporation shall\nagree in writing at the time of such sale, to reconstruct, improve,\nalter, repair or demolish such property or to construct a new building\non such property, or on such property and on any contiguous property\nowned or to be acquired by such corporation.\n