N.Y. Retirement and Social Security Law 177-A – Investment in certain conventional mortgages
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§ 177-a. Investment in certain conventional mortgages. Notwithstanding any provision contained in this chapter or any other general, special or local law or code to the contrary, within the limitations authorized for investment in conventional mortgages, the trustees of the fund may invest a part of its assets in first mortgages on real property located anywhere within the boundaries of the United States.
Terms Used In N.Y. Retirement and Social Security Law 177-A
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- fund: as used in this article four-a, shall mean any public retirement system or pension fund which grants retirement or pension benefits to employees of the city of New York, employees of the state of New York, employees of any department or agency of the city of New York or the state of New York, and employees of any municipality or other participating employer participating in the New York state and local employees' retirement system or the New York state and local police and fire retirement system. See N.Y. Retirement and Social Security Law 176
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.