N.Y. Canal Law § 43: Exchange of property

§ 43. Exchange of property. In order to facilitate the acquisition of

property as defined in this article, and which, in the judgment of the

corporation, will be in the public interest and necessary for canal

purposes, payment for such property may be made by means of an exchange

therefor of property found to be no longer necessary or useful as a part

of the barge canal system, or as an aid to navigation thereon, or for

barge canal terminal purposes. The property to be so acquired shall be

of at least equal value to that of such property to be exchanged. The

corporation is authorized and empowered to enter into an agreement with

the owner or owners of such property to be so acquired, upon such terms

and conditions as to such corporation shall seem appropriate and proper

to accomplish such purpose.

In all such cases, the property so to be exchanged shall first be

declared abandoned by official order of the corporation which order

shall set forth the benefits to be obtained by such exchange. In such

abandonment it shall be unnecessary to conform to the provisions for

abandonment made in section fifty-one of this chapter. The agreement and

the title to the property to be acquired shall be subject to the

approval of the attorney-general. Upon the approval of title by the

attorney-general, the corporation is authorized and empowered to execute

in the name of the people of the state of New York, a quit-claim deed to

effectuate such exchange, which shall be subject to the approval of the

attorney-general. The deed so executed, before becoming effective, shall

be recorded in the office of the secretary of state. Compensation on

account of excess value if any, of the lands so acquired shall be

adjusted and paid in the manner provided by section forty of this

article, as in the case of property taken by appropriation.