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This entry was published on 2014-09-22
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SECTION 214
Transfer of real property to redevelopment corporation
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 6
§ 214. Transfer of real property to redevelopment corporation.
Notwithstanding any requirement of law to the contrary or the absence of
direct provision therefor in the instrument under which a fiduciary is
acting, every executor, administrator, trustee, guardian or other
person, holding trust funds or acting in a fiduciary capacity, unless
the instrument under which such fiduciary is acting expressly forbids,
the state, its subdivisions, cities, all other public bodies, all public
officers, corporations organized under or subject to the provisions of
the banking law (including savings banks, savings and loan associations,
trust companies, private bankers and private banking corporations), the
superintendent of financial services as conservator, liquidator or
rehabilitator of any such person, partnership or corporation, 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, any of which owns or holds any real property
within a development area, may grant, sell, lease or otherwise transfer
any such real property to a redevelopment corporation, and receive and
hold any cash, stocks, income debentures, mortgages, or other securities
or obligations, secured or unsecured, exchanged therefor by such
redevelopment corporation, and may execute such instruments and do such
acts as may be deemed necessary or desirable by them or it and by the
redevelopment corporation in connection with the development and the
development plan.