Senate Bill S3677

2011-2012 Legislative Session

Requires every certificate of discharge of a mortgage to include every assignment of such mortgage, whether or not such assignment was recorded

download bill text pdf

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

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

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 04, 2012	referred to judiciary
Mar 02, 2011	referred to judiciary

co-Sponsors

2011-S3677 (ACTIVE) - Details

Current Committee:: Senate Judiciary
Law Section:: Real Property Law
Laws Affected:: Amd §321, RP L

2011-S3677 (ACTIVE) - Summary

Requires every certificate of discharge of a mortgage to include every assignment of such mortgage, whether or not such assignment was recorded.

2011-S3677 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3677

TITLE OF BILL:
An act
to amend the real property law, in relation to requiring that all
assignments of a mortgage be listed on the discharge of such mortgage
regardless of whether such assignments have been recorded

PURPOSE:
To ensure that prospective homeowners and borrowers are able
to ascertain the identity of each assignee in any chain of title.

SUMMARY OF PROVISIONS:
Section 1 amends subdivision (3) of section 321
of the real property law to require that all assignments of a
mortgage, recorded or otherwise, be included on said mortgage's
certificate of discharge.

EXISTING LAW:
Section 321 of the real property law pertains to
certificates of discharge for mortgages. Subdivision (3) of that
section details the manner in which the assignment of a mortgage
appears on such certificates.

JUSTIFICATION:
On December 19, 2006, the New York State Court of

Appeals issued a decision wherein the majority opinion specifically
observed that § 321 (3) of the real property law "does not call for
unrecorded assignments to be listed on a certificate of discharge"
(MERSCORP. Inc. v Romaine, 8 NY3d 90, 98 2006). In a dissenting
opinion, Chief Judge Kaye concluded otherwise, stating, "plainly, the
statute requires all assignments of a mortgage to be listed on the
certificate of discharge, whether recorded or not" (id. at 102;
emphasis in original). This legislation is intended to avoid future
conflicts in statutory interpretation.

Furthermore, the ability of a homeowner, prospective homeowner,
purchaser or borrower to accurately ascertain the identity of any
entity with an interest in his or her property is exactly what the
Recording Act was originally intended to ensure. In addition to
serving that end, this legislation likewise ensures that the
pertinent information available to the public is as comprehensive as
possible.

LEGISLATIVE HISTORY:
S.4945 of 2007-2008

FISCAL IMPLICATIONS:
To be determined.

LOCAL FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect on the
thirtieth day after


it shall have become a law, and shall apply to certificates of
discharge recorded on or after such effective date.

2011-S3677 (ACTIVE) - Bill Text download pdf

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

                                  3677

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              March 2, 2011
                               ___________

Introduced  by  Sen.  HANNON -- 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 requiring that all
  assignments of a mortgage be listed on the discharge of such  mortgage
  regardless of whether such assignments have been recorded

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

  Section 1. Subdivision 3 of section 321 of the real property  law,  as
amended  by  chapter  159  of  the  laws  of 1951, is amended to read as
follows:
  3. Every certificate presented  to  the  recording  officer  shall  be
executed  and  acknowledged  or  proved  in  like manner as to entitle a
conveyance to be recorded. If the mortgage has been assigned,  in  whole
or  in part, the certificate shall set forth the date of each assignment
in the chain of title of the person or persons signing the  certificate,
the names of the assignor and assignee, AND the interest assigned[, and,
if].    SUCH  INFORMATION  SHALL BE INCLUDED ON THE CERTIFICATE NOTWITH-
STANDING THE FACT THAT SUCH ASSIGNMENT  OR  ASSIGNMENTS  HAVE  NOT  BEEN
RECORDED.    IF  the assignment has been recorded, THE CERTIFICATE SHALL
ADDITIONALLY SET FORTH the book and page where it has been  recorded  or
the serial number of such record; or if the assignment is being recorded
simultaneously  with  the  certificate  of discharge, the certificate of
discharge shall so state. If the  mortgage  has  not  been  assigned  of
record, the certificate shall so state.
  No  certificate  presented  to  the recording officer shall purport to
discharge more than  one  mortgage,  except  that  one  certificate  may
purport  to discharge two or more mortgages where the certificate states
that one of such mortgages corrects,  perfects  or  modifies  the  other
mortgage  or  mortgages,  or  spreads  the lien of the other mortgage or
mortgages over the property subject to the lien  of  such  mortgage,  or
consolidates  the  lien of the other mortgage or mortgages with the lien

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09773-01-1

S. 3677                             2

of such mortgage to constitute a single lien, or where  the  certificate
states that the liens of the mortgages which the certificate purports to
discharge  have  been so spread or so consolidated by a separate instru-
ment  and  such instrument has been recorded; provided that in such case
the certificate of discharge shall identify and describe  each  mortgage
which  it  purports  to  discharge, in a separate paragraph, in the same
manner and with the same  particularity,  and  setting  forth  the  same
information  with  respect  to assignments thereof, as would be required
for a separate certificate discharging that  mortgage,  and  shall  also
state, in a separate paragraph for each instrument, the date of any such
separate instrument by which the liens of the mortgages have been spread
or consolidated, the names of the parties thereto, and the book and page
where  it  has been recorded or the serial number of such record. In any
such case, except where otherwise expressly provided by law, the fee  or
fees  which  the recording officer is entitled to receive for filing and
entering a certificate of discharge of a mortgage and examining  assign-
ments  of  such  mortgage shall be payable with respect to each mortgage
which the certificate purports to discharge, to the same extent as if  a
separate certificate of discharge had been filed for such mortgage.
  S  2.  This  act shall take effect on the thirtieth day after it shall
have become a law, and shall apply to certificates of discharge recorded
on or after such effective date.

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.

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

Find your Senator and share your views on important issues.

Do you support this bill?

Senate Bill S3677

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Actions

co-Sponsors

2011-S3677 (ACTIVE) - Details

2011-S3677 (ACTIVE) - Summary

2011-S3677 (ACTIVE) - Sponsor Memo

2011-S3677 (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2011-S3677

Senate Bill S3677

Share this bill

Sponsored By

Kemp Hannon

Archive: Last Bill Status - In Senate Committee Judiciary Committee

Actions

co-Sponsors

Tony Avella

Owen H. Johnson

2011-S3677 (ACTIVE) - Details

2011-S3677 (ACTIVE) - Summary

2011-S3677 (ACTIVE) - Sponsor Memo

2011-S3677 (ACTIVE) - Bill Text download pdf

Comments