N.Y. Local Finance Law 153.00 – Authorization for municipality to assign for collateral or pledge its mortgage interest
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§ 153.00 Authorization for municipality to assign for collateral or pledge its mortgage interest. Any municipality shall be authorized to assign for collateral or pledge as security for any of its bonds, notes or other obligations its mortgage interest in a project constructed pursuant to Article 2 of the private housing finance law to the state or to any political subdivision thereof.
Terms Used In N.Y. Local Finance Law 153.00
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.