N.Y. Religious Corporations Law 332 – Conveyance of property
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§ 332. Conveyance of property. The trustees of an incorporated United Methodist church may sell, mortgage, lease or convey church property by following the provisions of section twelve of article two of this chapter except that in no case shall trustees mortgage or encumber real estate on which a church or parsonage is located for the current expense of a charge, nor shall the principal of the proceeds of the sale of such property be so used.
Terms Used In N.Y. Religious Corporations Law 332
- 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.