Laws of New York (Last Updated: November 21, 2014) |
EPT Estates, Powers and Trusts |
Article 10. POWERS |
Part 10. PROVISIONS AFFECTING POWERS OTHER THAN POWERS OF APPOINTMENT |
Section 10-10.5. Power to sell in a mortgage
Latest version.
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Where a power to sell real property is given to a mortgagee or to the transferee in any other conveyance intended to secure the payment of money, the power is deemed a part of the security, and passes to and may be exercised by any person, who by assignment or otherwise, becomes entitled to the money so secured to be paid.