N.Y. Real Property Actions and Proceedings Law 1611 – Final order; appointment of referee
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§ 1611. Final order; appointment of referee. When the final order authorizes a mortgage, lease or sale upon the application of a person who is not trustee, the court in such final order must appoint a referee to execute the authorized transaction. When the application has been made by a trustee, such trustee shall execute the authorized transaction.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1611
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.