§ 1601 Application by trustee for court authorization to mortgage, to lease, to sell, to acquire or to exchange real property or for confirmatio…
§ 1602 Application by owner of present or future interest for court authorization to mortgage, to lease or to sell real property
§ 1603 Court to which application is to be made
§ 1604 When application shall be granted
§ 1605 Contents of petition
§ 1606 Notice of application
§ 1607 Service of notice upon presumptive members of class
§ 1608 Guardians ad litem
§ 1609 Final order upon the application
§ 1610 Final order authorizing acquisition or exchange of land or confirming lease; execution and binding force
§ 1611 Final order; appointment of referee
§ 1612 Report of agreement for confirmation
§ 1613 Order of confirmation; contents and subsequent procedures
§ 1614 Binding force of mortgage, sale or lease duly made with judicial approval
§ 1615 Date of creation of affected interests
§ 1616 Application to compensation arising out of appropriation of real property by the state
§ 1641 Executors', fiduciaries' and trustees' conveyances to certain corporations in exchange for certain stocks and bonds authorized and regulated
§ 1651 Proceedings for voluntary partition of infant's, incompetent's or conservatee's real property

Terms Used In New York Laws > Real Property Actions and Proceedings > Article 16 - Judicial Authorization of Sale, Lease, Mortgage, Acquisition, Exchange or Voluntary Partition

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Allegation: something that someone says happened.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Oath: A promise to tell the truth.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.