NY Banking L § 98 (2021)
2021 New York Laws BNK - Banking Article 3 - Banks and Trust Companies 98 - Power to Take and Hold Real Estate; Restrictions.

§ 98.  Power  to take and hold real estate; restrictions. 1. A bank or trust company may purchase, hold, lease  and  convey  real  property  as follows:  (a)  A plot whereon there is or may be erected a building suitable for the convenient transaction of its business, from portions of  which  not required  for  its  own use a revenue may be derived, and a plot whereon parking accommodations are, or are to  be,  provided,  with  or  without charge, primarily for its customers or employees or both, and a building or a portion or portions thereof for use by the bank or trust company in its business, provided that the aggregate of all investments of any bank or trust company in such plots and buildings and in a leased building or a  portion  or  portions  thereof  or  in the stock, debentures or other obligations of any corporation holding such plots or  buildings  and  of all  loans  to or upon the security of the stock of any such corporation shall not exceed forty per centum of the aggregate of the capital stock, surplus fund and undivided profits of such bank or trust company, except with the approval of the  superintendent.  Any  bank  or  trust  company having,  prior to April twenty-third, nineteen hundred thirty-four, made loans and investments in excess of the limitations  prescribed  by  this paragraph may retain any such loans and investments notwithstanding such limitations.  (b)  Such  as  shall  be  conveyed  to  it  in  satisfaction  of debts previously contracted in the course of its business.  (c) Such as it shall purchase at sales  under  judgments,  decrees  or mortgages held by it.  (d)  Such  purchase, lease, conveyance or other acquisition or sale of real  property  which  is  located  outside  the  United   States,   its territories  and  possessions,  and  which  is  used  principally as the residence of one or more directors, officers, or employees of  the  bank or trust company as may be specifically approved by the superintendent.  (e)  A  whole  or  part interest in a "project", as defined in the New York state urban development corporation act, pursuant to  sections  six or  eight  of  such  act.  An investment by a bank or trust company in a single project shall not exceed one per centum of the assets or  fifteen per  centum  of  the  combined capital stock, surplus fund and undivided profits of such bank or  trust  company,  whichever  is  less,  and  the aggregate of all investments of a bank or trust company in such projects and  investments in securities of any "subsidiary" of the New York state urban development corporation, as defined in the New  York  state  urban development  corporation  act,  shall  not exceed five per centum of the assets or seventy-five per centum of the combined capital stock, surplus fund and undivided profits of such bank or trust company,  whichever  is less.   2.  All real estate purchased by any bank or trust company or taken by it in settlement of debts due it, shall be conveyed to it  in  its  name or,  subject  to such regulations and restrictions as the superintendent of financial services finds to be necessary and proper, may be taken  in the  name  of  a  duly authorized nominee. All such conveyances shall be immediately recorded or registered in the office of the proper recording officer of the county in which such real estate is located.