senate Bill S1895

2019-2020 Legislative Session

Authorizes sale or mortgage of certain real property of religious corporation without leave of supreme court

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to corporations, authorities and commissions
Jan 17, 2019 referred to corporations, authorities and commissions

Co-Sponsors

S1895 (ACTIVE) - Details

See Assembly Version of this Bill:
A614
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Religious Corporations Law
Laws Affected:
Amd §12, Rel Corp L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5067
2011-2012: A5752
2013-2014: A5592
2015-2016: S8001, A1237
2017-2018: S2935, A3765, A9983

S1895 (ACTIVE) - Summary

Authorizes a religious corporation to sell real property where consideration paid therefor and fair market value thereof is less than $200,000, and mortgage real property when such mortgage secures debt of less than $200,000, without leave of supreme court.

S1895 (ACTIVE) - Sponsor Memo

S1895 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1895

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 17, 2019
                               ___________

Introduced  by Sens. GALLIVAN, AKSHAR -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Corporations,
  Authorities and Commissions

AN ACT to amend the religious corporations law, in relation to the sale,
  mortgage and lease of real property of a religious corporation

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 1 and 9 of section 12 of the religious  corpo-
rations law, subdivision 1 as amended by chapter 555 of the laws of 2015
and  subdivision  9  as  amended by chapter 962 of the laws of 1969, are
amended to read as follows:
  1. (A) A religious corporation shall not sell, mortgage or lease for a
term exceeding five years any of its real property without applying  for
and obtaining leave of the court or the attorney general therefor pursu-
ant to section five hundred eleven of the not-for-profit corporation law
as  that  section  is  modified by paragraph (d-1) of subdivision one of
section two-b of this chapter or section five hundred  eleven-a  of  the
not-for-profit  corporation law, except that a religious corporation may
execute a purchase money mortgage or a purchase money security agreement
creating a security interest in personal property purchased by it  with-
out obtaining leave of the court therefor.
  (B)  NOTWITHSTANDING  THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVI-
SION, ANY SOLVENT RELIGIOUS CORPORATION MAY SELL ANY OF ITS REAL PROPER-
TY WITHOUT A COURT ORDER IN THE FOLLOWING CIRCUMSTANCES:
  (I) THE RELIGIOUS CORPORATION SHALL HAVE AND MAINTAIN IN  ITS  RECORDS
AN  APPRAISAL  REPORT  PREPARED BY A PROFESSIONAL APPRAISER AND DATED OR
UPDATED WITHIN NINETY DAYS OF THE SALE SHOWING THE FAIR MARKET VALUE  TO
BE LESS THAN TWO HUNDRED THOUSAND DOLLARS;
  (II)  THE SALE SHALL BE AN ARM'S LENGTH TRANSACTION FOR A CASH CONSID-
ERATION AT THE FAIR MARKET VALUE OF THE PROPERTY WHICH SHALL  BE  WITHIN
TEN PERCENT OF THE APPRAISED VALUE;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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