N.Y. Estates, Powers and Trusts Law 10-10.5 – Power to sell in a mortgage
Current as of: 2024 | Check for updates
|
Other versions
§ 10-10.5 Power to sell in a mortgage
Terms Used In N.Y. Estates, Powers and Trusts Law 10-10.5
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Where a power to sell real property is given to a mortgagee or to the transferee in any other conveyance intended to secure the payment of money, the power is deemed a part of the security, and passes to and may be exercised by any person, who by assignment or otherwise, becomes entitled to the money so secured to be paid.