N.Y. Gen. Constr. Law § 25-C
Current through 2024 NY Law Chapters 1-50, 52-55, 57, 61-117
The term bond and mortgage or the term note and mortgage as heretofore or hereafter used in any statute which prescribes or authorizes investment therein, with or without a specified ratio of real property security, shall be deemed to include a share or part of a bond and mortgage or of a note and mortgage, as the case may be, prior in lien to all other shares and parts thereof and, for all purposes in connection with such an investment in a share or part, any specified ratio of real property security shall be determined on the basis of the investment in such share or part.
N.Y. Gen. Constr. Law § 25-C