senate Bill S7240

2011-2012 Legislative Session

Relates to mortgage foreclosure by power of sale

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 02, 2012 referred to judiciary

S7240 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add Art 14 ยงยง1401 - 1421, RPAP L
Versions Introduced in Other Legislative Sessions:
2013-2014: S3838
2015-2016: S4607

S7240 (ACTIVE) - Summary

Relates to permitting foreclosure of real property improved by a non-residential building or certain multi-family buildings by the power of sale; establishes an effective non-judicial proceeding for uncontested commercial mortgage foreclosure.

S7240 (ACTIVE) - Sponsor Memo

S7240 (ACTIVE) - Bill Text download pdf

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

                                  7240

                            I N  S E N A T E

                               May 2, 2012
                               ___________

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

AN ACT to amend the  real  property  actions  and  proceedings  law,  in
  relation to foreclosure of mortgages by power of sale

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

  Section 1. The real property actions and proceedings law is amended by
adding a new article 14 to read as follows:
                                ARTICLE 14
                FORECLOSURE OF MORTGAGE BY POWER OF SALE
SECTION 1401. WHEN MORTGAGE MAY BE FORECLOSED.
        1402. NOTICE OF INTENTION TO FORECLOSE.
        1403. NOTICE OF PENDENCY OF NON-JUDICIAL PROCEEDING FOR FORECLO-
                SURE BY POWER OF SALE.
        1404. CONTENTS OF NOTICE OF SALE.
        1405. NOTICE OF SALE; HOW GIVEN.
        1406. NOTICE OF SALE; HOW SERVED.
        1407. SALE; HOW POSTPONED.
        1408. SALE; HOW CONDUCTED.
        1409. MORTGAGEE OR SUCCESSOR IN INTEREST MAY PURCHASE.
        1410. RIGHT TO REDEEM OF MORTGAGOR, SUBORDINATE LIENOR, OR HOLD-
                ER OF SUBORDINATE INTERESTS.
        1411. EFFECT OF SALE.
        1412. CONVEYANCE.
        1413. DISTRIBUTION OF PROCEEDS OF SALE.
        1414. REPORT OF SALE.
        1415. FILING OF REPORT OF SALE.
        1416. MULTIPLE COLLATERAL;  DESIGNATION  OF  ORDER  OF  SALE  OF
                PARCELS.
        1417. COSTS AND EXPENSES ALLOWED.
        1418. APPLICATION FOR SURPLUS.
        1419. DEFICIENCY JUDGMENT.
        1420. RECEIVER.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15447-01-2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.