N.Y. General Associations Law 8 – Proceeding to mortgage, lease or sell real estate
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§ 8. Proceeding to mortgage, lease or sell real estate. Whenever any unincorporated association is required by law to make application to the court for leave to mortgage, lease or sell its real estate, the proceeding therefor shall be had as prescribed for corporations in Article 5 of the general corporation law.
Terms Used In N.Y. General Associations Law 8
- 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.
- 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.