2019 New York Laws
RPP - Real Property
Article 8 - Conveyances and Mortgages
278-A - Sale or Exchange of Certain Real Property or Mortgage Investments Therein Authorized.

§  278-a.  Sale  or  exchange  of  certain  real  property or mortgage
investments therein  authorized.  Trustees,  executors,  administrators,
guardians,   committees,   conservators   and   all   other  persons  or
corporations holding trust funds or  acting  in  a  fiduciary  capacity,
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 who or which (1) own any property on
which there is a building defined in the multiple dwelling law as an old
law  tenement  or  who  or  which  hold a mortgage or other lien on such
property, or
  (2) own any property, improved or unimproved, or any mortgage or other
lien thereon, within any section of a municipality  included  in  a  map
showing sections containing areas for clearance, replanning and low rent
housing,  adopted  by  the  planning commission of the municipality as a
whole or part of the master plan, or
  (3) own any property, improved or unimproved, or any mortgage or other
lien thereon,  within  any  section  of  a  municipality  which  may  be
designated  by  the  planning commission or the housing authority of the
municipality as substandard  or  insanitary,  may  sell  such  property,
mortgage  or  lien, and may, notwithstanding any other provision of law,
receive and hold in exchange therefor securities issued by a corporation
owning or acquiring title to such property, if  such  corporation  shall
agree  in  writing  at  the  time of such sale, to reconstruct, improve,
alter, repair or demolish such property or to construct a  new  building
on  such  property,  or  on such property and on any contiguous property
owned or to be acquired by such corporation.