Section 674-A. Unlawful undertakings


Latest version.
  • 1. Every undertaking, whether written
      or oral, express or implied, constituting or  contained  in  a  contract
      heretofore  or hereafter entered into, directly or indirectly, between a
      banking   organization,   bank   holding   company,   national   banking
      association,  federal  savings  and  loan association or foreign banking
      corporation and the owner of an interest in real property located in the
      state,  which  bars  such  owner  from  leasing,  selling  or  otherwise
      disposing  of  any  interest  in  real  property  to  any  other banking
      organization,  bank  holding  company,  national  banking   association,
      federal  savings  and  loan  association  or foreign banking corporation
      shall be null and void.
        2. Any banking organization, bank holding  company,  national  banking
      association,  federal  savings  and  loan  association,  foreign banking
      corporation or any other entity or person injured  in  his  business  or
      property  by  reason  of  an  undertaking which violates subdivision one
      hereof may sue on account thereof and be entitled to recover three times
      the amount of the damages sustained, and the  cost  of  suit,  including
      reasonable attorneys' fees.
        3.  If  any  provision  of  this  section,  or the application of such
      provision to any individual, company  or  circumstance,  shall  be  held
      invalid,  the  remainder  of  this  section, and the application of such
      section to individuals, companies or circumstances other than  those  to
      which it is held invalid, shall not be affected thereby.