§ 276. Effect of certain easements on the right to invest in
mortgages. The existence of an easement in real property acquired or
reserved by a municipal corporation, a railroad corporation or other
transportation corporation, shall not be deemed an encumbrance upon such
real property under any law relating to investments in mortgages upon
real property by corporations, trustees, executors, administrators,
guardians or other persons holding trust funds, but the effect of such
an easement upon the real property which it affects, shall be taken into
consideration in determining the value thereof.