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New York · Through 2026-09-11

N.Y. Banking Law § 674-a: Unlawful undertakings

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Where this section sits in the code
  1. Banking Law
  2. Article 13-D. Misconduct Relating to Banking Organizations

§ 674-a. Unlawful undertakings. 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.

Collected 2026-09-14T19:32:44Z. Source file · JSON

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