§ 111-a. Participation by certain corporations and individuals. Any\nbank, savings bank, savings institution, savings and loan association,\ntrust company, insurance company or association, or fiduciary authorized\nto invest in mortgages and mortgage bonds of a redevelopment company, or\nany combination of the foregoing, shall have power to participate and\ninvest, singly or jointly, with the New York city housing development\ncorporation in a bond or note and single participating mortgage, or in\nseparate bonds or notes and mortgages pursuant to this article. In the\nevent of such participation, the interest of each shall have equal\npriority as to lien in proportion to the amount of loan so secured, but\nneed not be equal as to interest rate, time or rate of amortization or\notherwise.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.