New York Consolidated Laws, Banking Law - BNK § 674-a. Unlawful undertakings

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1. Every undertaking, whether written or oral, express or implied, constituting or contained in a contract heretofore or hereafter entered into, directly or indirectly, between a banking organization, bank holding company, national banking association, federal savings and loan association or foreign banking corporation and the owner of an interest in real property located in the state, which bars such owner from leasing, selling or otherwise disposing of any interest in real property to any other banking organization, bank holding company, national banking association, federal savings and loan association or foreign banking corporation shall be null and void.

2. Any banking organization, bank holding company, national banking association, federal savings and loan association, foreign banking corporation or any other entity or person injured in his business or property by reason of an undertaking which violates subdivision one hereof may sue on account thereof and be entitled to recover three times the amount of the damages sustained, and the cost of suit, including reasonable attorneys' fees.

3. If any provision of this section, or the application of such provision to any individual, company or circumstance, shall be held invalid, the remainder of this section, and the application of such section to individuals, companies or circumstances other than those to which it is held invalid, shall not be affected thereby.

Cite this article: FindLaw.com - New York Consolidated Laws, Banking Law - BNK § 674-a. Unlawful undertakings - last updated January 01, 2021 | https://codes.findlaw.com/ny/banking-law/bnk-sect-674-a.html


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