N.Y. Ben. Ord. Law § 10 Mortgaging Property

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 774
• Year: 2023
• Citation: N.Y. Ben. Ord. Law § 10

If the funds of the corporation shall not be sufficient to pay for any real property purchased by the board of trustees in pursuance of law, or for the construction, repair or rebuilding of a suitable building or buildings, and the finishing or furnishing of apartments therefor, the corporation may issue its bonds bearing interest, semi-annually, for such additional sum as may be required therefor, and may execute to any such trustee or trustees, as the board may select, a mortgage upon its real property as security for the payment of such bonds or the corporation may borrow such additional sum as may be required therefor of any person or corporation and execute and deliver its bond for the moneys so borrowed and secure the payment thereof by mortgage upon its real property as collateral thereto. The proceeds of such bonds or such bond and mortgage shall be applied to the payment of debts of the corporation incurred by the purchase of such real ...