Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 30
Transfer of real property
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 2
§ 30. Transfer of real property. 1. Notwithstanding any requirement of
law to the contrary, 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, municipalities, all other public
bodies, all public officers, persons, partnerships and corporations
organized under and governed as to investments by or pursuant to the
provisions of the banking law or 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, owning or holding any real property may
grant, sell, lease or otherwise transfer any such real property to a
company and receive and hold any cash, stock, bonds, notes, mortgages,
or other securities or obligations, secured or unsecured, exchanged
therefor by such company and may execute such instruments and do such
acts as may be deemed necessary or desirable by them or it and by the
company in connection with a project or projects. Notwithstanding the
provisions of any general, special or local law, charter or ordinance,
such grant, sale, lease or transfer may be made without public auction
or bidding.

2. Any banking institution, foundation, labor union, employers'
association, veterans' organization or insurance company, or any group
thereof, which has undertaken a project through direct ownership or
lease may transfer to the project any real property which it owns or
holds within an area. The market value of such property, as approved by
the commissioner or the supervising agency, as the case may be, shall be
included in the estimated or actual project cost.

3. Notwithstanding the provisions of any general, special or local
law, charter or ordinance, the local legislative body of a city having a
population of one million or more may, upon the request of or with the
approval of the board of education of such city's school district,
grant, sell, lease or otherwise transfer any lands or rights or
interests therein or thereto, including fee interest, easements, space
rights or air rights or other rights or interests owned by such city and
occupied or reserved for school purposes and needed therefor, to a
company where necessary for the joint development of a project and a
school or appurtenant facilities without public auction or bidding,
provided that no such sale, lease or transfer of lands or rights therein
or thereto is authorized where the development of a project contemplates
the erection of housing facilities over an existing school or
playground. The term of any such lease shall not be limited by any
provision of any general, special or local law or charter applicable to
such city limiting the period of time during which a lease or any
renewal thereof may run.