N.Y. General Obligations Law 5-1115 – Promises and warranties in conveyances made without consideration
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§ 5-1115. Promises and warranties in conveyances made without consideration. A promise or warranty by the grantor in a deed or conveyance of an estate or interest in real property and acknowledged or proved in the manner prescribed by law to entitle it to be recorded shall not be denied effect because of the absence of consideration, if no consideration was intended.
Terms Used In N.Y. General Obligations Law 5-1115
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantor: The person who establishes a trust and places property into it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.