N.Y. Real Property Law § 276: Effect of certain easements on the right to invest in mortgages

§ 276. Effect of certain easements on the right to invest in

mortgages. The existence of an easement in real property acquired or

reserved by a municipal corporation, a railroad corporation or other

transportation corporation, shall not be deemed an encumbrance upon such

real property under any law relating to investments in mortgages upon

real property by corporations, trustees, executors, administrators,

guardians or other persons holding trust funds, but the effect of such

an easement upon the real property which it affects, shall be taken into

consideration in determining the value thereof.