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- Reported and committed to finance
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
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Authorizes sale or mortgage of certain real property of religious corporation without leave of supreme court
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Richard Brodsky
Full text
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Sponsor's memo
Title of bill
An act to amend the religious corporations law, in relation to the sale, mortgage and lease of real property of a religious corporation
Summary of provisions
This bill amends Section 12 of the Religious Corporations Law to provide an exemption to the current requirement for court approval of the sale, mortgage or lease of property owned by a religious corporation. This exemption would only apply to the sale of real property whose fair market value and actual sale price do not exceed $200,000.00 or to the mortgage of real property where such mortgage secures a debt of less than $200,000.00.
Existing law
Section 12(1) of the Religious Corporations Law requires that a religious corporation intending to sell, mortgage or lease (for a period of more than five (5) years) first must submit a petition to the Supreme Court of the judicial district or the County Court of the county in which the corporation has its office or principal place of operation. The court then gives a minimum fifteen (15) day notice of hearing on the transaction to the Attorney General and any other member, officer or creditor of the corporation that the court may choose. A "show-cause" hearing is then held at which any party may appear and argue why the petition should not be granted. Once satisfied that the consideration and terms of the transaction are fair & reasonable, the court may authorize the sale, lease or other disposition of the property.
Justification
This process is a difficult, time-consuming and an expensive process for churches and other religious organizations that are trying to dispose of or encumber relatively modest properties. Exempting transactions under $200,000.00 enables these organizations to conduct routine business efficiently and economically while still insuring large amount transactions receive the scrutiny of the court.
Legislative history
A.8142 (2003-04), A.2096 (2005-06)
Fiscal implications
There are no fiscal implications to the State but may save the courts time and money.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.