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NY State — NY Real Property Law

§ 276 — SECTION 276 Effect of certain easements on the right to invest in mortgages

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Statute text reproduced from nysenate.gov. Not attorney-reviewed for your situation — for reference only.

What is NY RPL § 276?

Quick Answer

This section clarifies that easements acquired by municipal or transportation corporations do not count as encumbrances affecting mortgage investments by various fiduciaries. However, the impact of such easements must be considered when assessing the property's value. Applies to entities involved in real property investments.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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

RPL § 276

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.

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