senate Bill S347

Provides that the judgment of sale in a mortgage foreclosure action shall direct that each individual of a group purchasing the premises disclose his or her name

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 09 / Jan / 2013
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 27 / Feb / 2013
    • 1ST REPORT CAL.91
  • 28 / Feb / 2013
    • 2ND REPORT CAL.
  • 04 / Mar / 2013
    • ADVANCED TO THIRD READING
  • 15 / Apr / 2013
    • PASSED SENATE
  • 15 / Apr / 2013
    • DELIVERED TO ASSEMBLY
  • 15 / Apr / 2013
    • REFERRED TO JUDICIARY
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • 27 / Jan / 2014
    • 1ST REPORT CAL.55
  • 28 / Jan / 2014
    • 2ND REPORT CAL.
  • 03 / Feb / 2014
    • ADVANCED TO THIRD READING
  • 03 / Mar / 2014
    • PASSED SENATE
  • 03 / Mar / 2014
    • DELIVERED TO ASSEMBLY
  • 03 / Mar / 2014
    • REFERRED TO JUDICIARY

Summary

Provides that the judgment of sale in a mortgage foreclosure action shall direct that in the event such premises is purchased collectively by more than one individual, the names of each individual purchaser shall be disclosed in writing to the sheriff of the county or referee conducting the sale.

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Bill Details

See Assembly Version of this Bill:
A7154
Versions:
S347
Legislative Cycle:
2013-2014
Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd ยง1351, RPAP L
Versions Introduced in Previous Legislative Cycles:
2011-2012: S3148, A6745
2009-2010: S1771

Sponsor Memo

BILL NUMBER:S347

TITLE OF BILL:
An act
to amend the real property actions and proceedings law, in relation to
the purchase of the premises at a mortgage foreclosure sale by a group

PURPOSE:
To require that in the event real property is purchased at a
foreclosure sale collectively by more than one individual, the names
of each individual purchaser shall be disclosed to the sheriff or
referee conducting the sale.

SUMMARY OF PROVISIONS:
This bill amends subdivision 1 of section 1351 of the Real Property
Actions and Proceedings Law to require that in the event real
property is purchased at a foreclosure sale collectively by more than
one individual, the names of each individual purchaser shall be
disclosed to the sheriff or referee conducting the sale.

EXISTING LAW:
Currently, the RPAPL does not require that in the event real property
is purchased at a foreclosure sale collectively by more than one
individual, the names of each individual purchaser be disclosed to
the sheriff or referee conducting the sale.

JUSTIFICATION:
In situations where real property is purchased at a foreclosure sale
collectively by more than one individual, customarily, the referee
conducting the sale or the attorney for the foreclosing mortgagee
will ask the names of each individual purchaser This bill would
simply codify this existing practice.

LEGISLATIVE HISTORY:
2011-12: S.3148; 2009-10: S.1771; S.4850, 2007-08; S.1412
2005-06; S.1793, 2003-04; S.3980, 2001-02

FISCAL IMPLICATIONS:
None.

LOCAL FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
This act shall take effect on the 30th day after it shall have become
a law.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   347

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to  amend  the  real  property  actions and proceedings law, in
  relation to the purchase of the premises  at  a  mortgage  foreclosure
  sale by a group

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 1 of section 1351 of the real property  actions
and  proceedings  law,  as  added by chapter 312 of the laws of 1962, is
amended to read as follows:
  1. The judgment shall direct that the mortgaged premises, or  so  much
thereof  as  may  be  sufficient  to  discharge  the  mortgage debt, the
expenses of the sale and the costs of the action, and which may be  sold
separately without material injury to the parties interested, be sold by
or  under the direction of the sheriff of the county, or a referee.  THE
JUDGMENT SHALL DIRECT THAT IN  THE  EVENT  SUCH  PREMISES  IS  PURCHASED
COLLECTIVELY  BY  MORE THAN ONE INDIVIDUAL, THE NAMES OF EACH INDIVIDUAL
PURCHASER SHALL BE DISCLOSED IN WRITING TO SUCH SHERIFF OR REFEREE.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03801-01-3

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