N.Y. Insurance Law 3402 – Executory contract not a change in interest, title or possession
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§ 3402. Executory contract not a change in interest, title or possession. The making of a contract to sell or to exchange real property shall not constitute a change in the interest, title or possession, within the meaning of the applicable provisions of any contract of fire insurance, including any contract supplemental thereto, covering property located in this state.
Terms Used In N.Y. Insurance Law 3402
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.