There is a newer version
of
the New York Laws
2017 New York Laws
EPT - Estates, Powers & Trusts
Article 10 - Powers
Part 10 - Provisions Affecting Powers Other Than Powers of Appointment
10-10.5 - Power to Sell in a Mortgage
Universal Citation: NY Est Pow & Trusts L § 10-10.5 (2017)
10-10.5 Power to sell in a mortgageWhere a power to sell real property is given to a mortgagee or to the transferee in any other conveyance intended to secure the payment of money, the power is deemed a part of the security, and passes to and may be exercised by any person, who by assignment or otherwise, becomes entitled to the money so secured to be paid.
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