N.Y. Rapid Transit Law 64 – Payment of liens and encumbrances
§ 64. Payment of liens and encumbrances. Whenever a person would be entitled to the payment of any advance under section sixty-three of this chapter and there shall exist mortgages or other prior liens on such property, the holder of any such prior lien may apply to the city for payment of his mortgage or encumbrance. If after five days' written notice given by the corporation counsel to the owner of such property to file a verified statement of his objections, if any, to the payment of such mortgage or lien, the corporation counsel shall be satisfied as to the amount due to such mortgagee or lienor, and shall so certify, the city shall, to the extent of the moneys available under such section sixty-three, after providing for prior liens or encumbrances, if any, pay such mortgage or lien with the interest due thereon.
Terms Used In N.Y. Rapid Transit Law 64
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.