New York § 2877 - 2877Transfer of real property

§ 2877. 2877Transfer of real property

§ 2877. Transfer of real property. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee, guardian or other person holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting expressly forbids, and the state, its subdivisions, municipalities, all other public bodies, all public officers, persons, partnerships and corporations owning or holding any real property, may grant, sell, lease or otherwise transfer any such real property or interest therein to an eligible borrower and receive and hold any cash, exchanged therefor by such an eligible borrower and may execute such instruments and do such acts as may be deemed necessary or desirable by them or it and by the eligible borrower in connection with a project or projects and such sale, lease or transfer may be made without public auction or bidding; provided, however, that where such real property is within an urban renewal area the disposition thereof shall be in accordance with the provisions of paragraph (d) of subdivision two of section five hundred seven of the general municipal law.