senate Bill S3838

2013-2014 Legislative Session

Relates to mortgage foreclosure by power of sale

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to housing, construction and community development
Feb 21, 2013 referred to housing, construction and community development

S3838 - Details

Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add Art 14 ยงยง1401 - 1421, RPAP L
Versions Introduced in 2011-2012 Legislative Session:
S7240

S3838 - 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.

S3838 - Sponsor Memo

S3838 - Bill Text download pdf

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

                                  3838

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 21, 2013
                               ___________

Introduced  by  Sen.  FARLEY -- 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 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08833-01-3

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