2012 New York Consolidated Laws
RPP - Real Property
Article 8 - (240 - 282) CONVEYANCES AND MORTGAGES
278 - Exchange of mortgage investment.

 
    §   278.   Exchange   of  mortgage  investment.  Trustees,  executors,
  administrators, guardians, committees, conservators, receivers, the town
  treasurer of any town and other persons and corporations  holding  trust
  funds,  corporations  and  private bankers organized under or subject to
  the provisions of the  banking  law,  the  superintendent  of  financial
  services  as  conservator,  liquidator  or  rehabilitator  of  any  such
  corporation or  private  banker  organized  under  and  subject  to  the
  provisions  of  the banking law, persons, partnerships, and corporations
  organized under or subject to the provisions of the insurance  law,  the
  superintendent  of  financial  services  as  conservator,  liquidator or
  rehabilitator of any such person, partnership or  corporation  organized
  under  or  subject  to  the  provisions  of the insurance law, and other
  domestic corporations, that shall have made or shall hold an investment,
  whether with or without a specified ratio of real property security,  in
  a  bond  secured  by mortgage on real property or share or part thereof,
  whether guaranteed or not, may, at any time  without  an  order  of  the
  court  or  other  authority,  exchange, prior or subsequent to maturity,
  such bond and mortgage or share  or  part  thereof  and  any  rights  in
  respect   thereto,  for  bonds  of  Home  Owners'  Loan  Corporation,  a
  corporation created under home owners' loan act of nineteen hundred  and
  thirty-three,  and  may hold such bonds of Home Owners' Loan Corporation
  as  authorized  and  lawful  investments  for  any  and  all   purposes,
  notwithstanding  the  provisions  of  any general or special law of this
  state inconsistent with the provisions of this section.