N.Y. Retirement and Social Security Law 178 – Additional limitations on eligible investments
§ 178. Additional limitations on eligible investments. Notwithstanding any other provision of law, including the provisions of the administrative code of the city of New York, the trustee or trustees of a fund shall not have the power to invest in any insured mortgage or conventional mortgage of an unpaid principal amount at the time of investment of less than two hundred fifty thousand dollars; provided, however, that this limitation shall be inapplicable as to those mortgages pledged, assigned or transferred to the fund as collateral security for the unpaid balance of the bonds and notes purchased from any bank, trust company, savings bank or savings and loan association authorized by subdivision four of section one hundred seventy-seven of this chapter; and provided further that, with respect to any fund administered for employees of the city of New York, the trustee or trustees of such a fund shall be authorized to invest in any insured mortgage or conventional mortgage of an unpaid principal amount at the time of investment of not less than one hundred thousand dollars.
Terms Used In N.Y. Retirement and Social Security Law 178
- conventional mortgage: as used in this article four-a, shall mean (a) any single bond and mortgage or note and mortgage constituting a first lien upon real estate (including leasehold estates), not insured by the federal housing administrator or any of his successors in office or guaranteed by the United States under the provisions of the national housing act, as amended or supplemented, (b) first mortgage bonds issued under an indenture of mortgage and deed of trust, constituting a first lien upon real estate (including leasehold estates), and issued to a corporate trustee authorized to act as such in this state and approved by the fund. See N.Y. Retirement and Social Security Law 176
- 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
- insured mortgage: as used in this article four-a, shall mean any single bond and mortgage or note and mortgage constituting a first lien upon real estate (including leasehold estates), insured by the federal housing administrator or any of his successors in office and guaranteed by the United States under the provisions of the national housing act, as amended or supplemented. See N.Y. Retirement and Social Security Law 176
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.