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Senate Bill S7830

Signed By Governor

2009-2010 Legislative Session

Relates to credit line mortgages

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Archive: Last Bill Status - Signed by Governor

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2009-S7830 (ACTIVE) - Details

See Assembly Version of this Bill:
A11380
Law Section:
Real Property Law
Laws Affected:
Amd ยง281, RP L

2009-S7830 (ACTIVE) - Summary

Relates to credit line mortgages; secures indebtedness created by future advances under credit line mortgages to 30 years, from 25 years.

2009-S7830 (ACTIVE) - Sponsor Memo

2009-S7830 (ACTIVE) - Bill Text download pdf 

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

                                  7830

                            I N  S E N A T E

                              May 14, 2010
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

AN ACT to amend the real property law, in relation to credit line  mort-
  gages

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

  Section 1. Subdivision 2 of section 281 of the real property  law,  as
amended  by  chapter  545  of  the  laws  of 2006, is amended to read as
follows:
  2. Any credit line mortgage may, and when so expressed therein,  shall
secure  not  only  the  original  indebtedness but also the indebtedness
created by future advances thereunder made within  [twenty-five]  THIRTY
years  from  the  date  of  the  recording of such credit line mortgage,
whether such advances are obligatory or are to be made at the option  of
the  lender  or otherwise, to the same extent and with the same priority
of lien as if such future advances had been made at the time such credit
line mortgage was recorded pursuant to section two hundred ninety-one of
this chapter, although there may have been no advances made at the  time
of  the  execution  and acknowledgment of such credit line mortgage, and
although there may be  no  indebtedness  outstanding  at  the  time  any
advance is made. The total amount of indebtedness that may be so secured
by  a  credit  line mortgage may increase or decrease from time to time,
but the amount so secured at any one time shall not exceed  the  maximum
amount  specified in such credit line mortgage, plus interest thereon at
the rate provided therein, and plus any disbursements  made  to  protect
the  security  of  such  credit  line  mortgage,  with  interest on such
disbursements at the rate provided therein.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD17334-01-0

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