New York § 506 - 506Loans and contributions by a participating county to a corporation
Full text of New York New York Consolidated Laws § 506 — 506Loans and contributions by a participating county to a corporation, with citation guidance and answers to common questions.
§ 506. 506Loans and contributions by a participating county to a corporation
§ 506. Loans and contributions by a participating county to a corporation. 1. A participating county shall have power to loan or contract to loan money to a corporation in such amounts, upon such terms and conditions and for such period or periods of time as in the judgment of the county are necessary or appropriate for the accomplishment of the corporate purpose of the corporation. 2. Subject to any prior pledge of or lien upon the revenues or moneys of the corporation, the county shall have a first lien upon such revenues or moneys for the repayment of any such loan, which lien: a. Shall attach upon receipt of such revenues or moneys by the corporation, without any physical delivery thereof or further act, and b. Shall have priority over any other claim or lien against such revenues or moneys, and c. Shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the corporation, irrespective of whether such parties have notice of such lien. 3. A participating county shall have power to contribute or contract to contribute money or personal property to a corporation, in such amounts, for such period or periods of time and upon such terms and conditions as in the judgment of such county are necessary or appropriate for the accomplishment of the corporate purpose of the corporation.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 506
What does New York Consolidated Laws § 506 cover?
Section 506 ("506Loans and contributions by a participating county to a corporation") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 506?
A common citation format is "New York Consolidated Laws § 506" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.