10-10.4 - Power to lease in tenant for life; effect of mortgage - New York Statutes

§ 10-10.4 Power to lease in tenant for life; effect of mortgage (a) The power of a tenant for life to make leases is neither extinguished nor suspended when such tenant executes a mortgage. The power is bound by the mortgage in the same manner as the real property embraced therein, and the lien of the mortgagee on such power: (1) Entitles the mortgagee to an exercise of the power so far as the satisfaction of the debt requires; and (2) Causes any subsequent interest, created by the tenant for life by an exercise of such power, to become subject to the mortgage as if in terms embraced therein.