§ 438. Trustees of a hospital, playground and library; hospital for\nbenefit of a city. 1. Real property held by trustees named in a will\nor deed of trust or appointed by the supreme court of the state of New\nYork for hospital, public playground and library purposes, as set forth\nin sections four hundred twenty-a and four hundred twenty-b of this\narticle, shall be exempt from taxation and exempt from special ad\nvalorem levies and special assessments to the extent provided in section\nfour hundred ninety of this article, to the same extent and subject to\nthe same conditions and exceptions as if owned by a corporation.\n 2. Real property held for hospital purposes in the name of a\ncorporation organized for the purpose of managing and controlling a\nhospital for the use and benefit of a city shall be exempt from taxation\nand exempt from special ad valorem levies and special assessments to the\nextent provided in section four hundred ninety of this article, to the\nsame extent and subject to the same conditions and exceptions as\nproperty of a corporation organized exclusively for hospital purposes.\n
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