§ 674-A. Unlawful undertakings.
221 words·~1 min read·
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§ 674-a. Unlawful undertakings. 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.