N.Y. Banking Law 674-A – Unlawful undertakings
§ 674-a. Unlawful undertakings. 1. Every undertaking, whether written or oral, express or implied, constituting or contained in a contract heretofore or hereafter entered into, directly or indirectly, between a banking organization, bank holding company, national banking association, federal savings and loan association or foreign banking corporation and the owner of an interest in real property located in the state, which bars such owner from leasing, selling or otherwise disposing of any interest in real property to any other banking organization, bank holding company, national banking association, federal savings and loan association or foreign banking corporation shall be null and void.
Terms Used In N.Y. Banking Law 674-A
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. Any banking organization, bank holding company, national banking association, federal savings and loan association, foreign banking corporation or any other entity or person injured in his business or property by reason of an undertaking which violates subdivision one hereof may sue on account thereof and be entitled to recover three times the amount of the damages sustained, and the cost of suit, including reasonable attorneys' fees.
3. If any provision of this section, or the application of such provision to any individual, company or circumstance, shall be held invalid, the remainder of this section, and the application of such section to individuals, companies or circumstances other than those to which it is held invalid, shall not be affected thereby.