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Assembly Bill A10424

2015-2016 Legislative Session

Establishes a rebuttable presumption to the right to title of an incumbrancer in certain cases

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Archive: Last Bill Status - On Floor Calendar

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2015-A10424 (ACTIVE) - Details

Law Section:
Real Property Law
Laws Affected:
Amd ยง266, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A1569
2019-2020: A6111

2015-A10424 (ACTIVE) - Summary

Establishes a rebuttable presumption to the right to title of an incumbrancer in certain cases.

2015-A10424 (ACTIVE) - Bill Text download pdf 

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

                                  10424

                          I N  A S S E M B L Y

                              May 26, 2016
                               ___________

Introduced  by  M.  of  A.  MOSLEY, WEINSTEIN, ROBINSON, LENTOL, BARRON,
  COOK, HYNDMAN, TITUS, WALKER -- Multi-Sponsored by -- M. of  A.  NOLAN
  -- read once and referred to the Committee on Judiciary

AN  ACT  to  amend the real property law, in relation to rebuttal of the
  right of an incumbrancer

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

  Section  1. Section 266 of the real property law is amended to read as
follows:
  S 266. Rights of purchaser or incumbrancer for valuable  consideration
protected.    This  article  does not in any manner affect or impair the
title of a purchaser  or  incumbrancer  for  a  valuable  consideration,
unless  it  appears that he had previous notice of the fraudulent intent
of his immediate grantor, or of the fraud rendering void  the  title  of
such grantor.  THERE SHALL BE A REBUTTABLE PRESUMPTION THAT THIS SECTION
SHALL  NOT  APPLY  IN THE CASE OF A TRANSFER OF MORTGAGED REAL PROPERTY,
BETWEEN A PURCHASER AND SELLER WHO ARE NOT ASSOCIATED PARTIES,  THAT  IS
NOT  ACCOMPANIED  BY  THE RECORDING WITH THE CLERK OF THE COUNTY OR WITH
THE COMMISSIONER OF DEEDS IN WHICH THE PROPERTY IS LOCATED, OF A  STATE-
MENT,  EXECUTED  BY  THE  MORTGAGEE,  AND  DULY  ACKNOWLEDGED,  STATING,
SUBSTANTIALLY, THAT (1) A PARTY IS ASSUMING  THE  SELLER'S  INDEBTEDNESS
SECURED  BY  THE  MORTGAGE;  OR (2) THAT THE INDEBTEDNESS SECURED BY THE
MORTGAGE HAS BEEN SATISFIED.
  FOR THE PURPOSES OF THIS SECTION, "ASSOCIATED PARTIES" MEANS  SPOUSES,
EX-SPOUSES,  PARENTS  AND CHILDREN, SIBLINGS, A HOMEOWNER AND THAT HOME-
OWNER'S FAMILY TRUST, OR A HOMEOWNER AND THAT  HOMEOWNER'S  WHOLLY-OWNED
LIMITED LIABILITY COMPANY.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15638-01-6

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