Assembly Bill A8156B

Signed By Governor
2015-2016 Legislative Session

Relates to the assignment of rights resulting from a land bank's successful tender for property to the foreclosing governmental unit

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Archive: Last Bill Status - Signed by Governor

  • 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

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Bill Amendments

2015-A8156 - Details

See Senate Version of this Bill:
S7171
Law Section:
Not-for-Profit Corporation
Laws Affected:
Amd §1616, N-PC L

2015-A8156 - Summary

Provides the land bank can assign all rights resulting from the land bank's successful tender for the property to the foreclosing governmental unit; allows the property to be deeded directly to the foreclosing governmental unit.

2015-A8156 - Bill Text download pdf 

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

                                  8156

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2015
                               ___________

Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to  bids  by  the
  city of Buffalo for foreclosed property

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

  Section 1. Section 1120 of the real property tax  law  is  amended  by
adding a new subdivision 3 to read as follows:
  3.  AT  A  PUBLIC  SALE  PURSUANT  TO THE PROVISIONS OF SECTION ELEVEN
HUNDRED SIXTY-SIX OF THIS ARTICLE OR SALE PURSUANT TO THE PROVISIONS  OF
A COUNTY CHARTER, CITY CHARTER, ADMINISTRATIVE CODE, OR SPECIAL LAW WHEN
APPLICABLE  UNDER  SECTION ELEVEN HUNDRED FOUR OF THIS ARTICLE, THE CITY
OF BUFFALO MAY TENDER A BID AT SUCH SALE IN AN AMOUNT EQUAL TO THE TOTAL
AMOUNT OF ALL MUNICIPAL CLAIMS AND LIENS WHICH WERE THE  BASIS  FOR  THE
JUDGMENT.  IN THE EVENT OF SUCH TENDER BY THE CITY OF BUFFALO, THE PROP-
ERTY SHALL BE DEEMED SOLD TO THE CITY OF BUFFALO REGARDLESS OF ANY  BIDS
BY  ANY  OTHER  THIRD  PARTIES. THE OBLIGATION OF THE CITY OF BUFFALO TO
PERFORM IN ACCORDANCE WITH SUCH AGREEMENT SHALL BE DEEMED TO BE IN  FULL
SATISFACTION  OF  THE  MUNICIPAL CLAIM WHICH WAS THE BASIS FOR THE JUDG-
MENT. THE CITY OF BUFFALO, AS PURCHASER AT  SUCH  PUBLIC  SALE  OR  SALE
PURSUANT  TO  THE PROVISIONS OF A COUNTY CHARTER, CITY CHARTER, ADMINIS-
TRATIVE CODE, OR  SPECIAL  LAW  WHEN  APPLICABLE  UNDER  SECTION  ELEVEN
HUNDRED FOUR OF THIS ARTICLE, SHALL TAKE AND FOREVER THEREAFTER HAVE, AN
ABSOLUTE  TITLE TO THE PROPERTY SOLD, FREE AND DISCHARGED OF ALL TAX AND
MUNICIPAL CLAIMS, LIENS, MORTGAGES,  CHARGES  AND  ESTATES  OF  WHATEVER
KIND.  THE  DEED  TO THE CITY OF BUFFALO SHALL BE EXECUTED, ACKNOWLEDGED
AND DELIVERED WITHIN THIRTY DAYS OF THE SALE. ALL CITY OF BUFFALO DISPO-
SITIONS OF PROPERTY ACQUIRED PURSUANT TO THIS SUBDIVISION  SHALL  COMPLY
WITH THE LAWS OF THE CITY OF BUFFALO REGARDING DISPOSITION OF REAL PROP-
ERTY.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11554-01-5

2015-A8156A - Details

See Senate Version of this Bill:
S7171
Law Section:
Not-for-Profit Corporation
Laws Affected:
Amd §1616, N-PC L

2015-A8156A - Summary

Provides the land bank can assign all rights resulting from the land bank's successful tender for the property to the foreclosing governmental unit; allows the property to be deeded directly to the foreclosing governmental unit.

2015-A8156A - Bill Text download pdf 

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

                                 8156--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2015
                               ___________

Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
  Committee on Real Property Taxation -- recommitted to the Committee on
  Real Property Taxation in accordance with Assembly Rule 3, sec.  2  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the real property tax law, in relation to  bids  by  the
  city of Buffalo for foreclosed property; and to amend the not-for-pro-
  fit  corporation  law,  in  relation to assignment of rights by a land
  bank

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

  Section  1.  Section  1120  of the real property tax law is amended by
adding a new subdivision 3 to read as follows:
  3. AT A PUBLIC SALE PURSUANT  TO  THE  PROVISIONS  OF  SECTION  ELEVEN
HUNDRED  SIXTY-SIX OF THIS ARTICLE OR SALE PURSUANT TO THE PROVISIONS OF
A COUNTY CHARTER, CITY CHARTER, ADMINISTRATIVE CODE, OR SPECIAL LAW WHEN
APPLICABLE UNDER SECTION ELEVEN HUNDRED FOUR OF THIS ARTICLE,  THE  CITY
OF BUFFALO MAY TENDER A BID AT SUCH SALE IN AN AMOUNT EQUAL TO THE TOTAL
AMOUNT  OF  ALL  MUNICIPAL CLAIMS AND LIENS WHICH WERE THE BASIS FOR THE
JUDGMENT. IN THE EVENT OF SUCH TENDER BY THE CITY OF BUFFALO, THE  PROP-
ERTY  SHALL BE DEEMED SOLD TO THE CITY OF BUFFALO REGARDLESS OF ANY BIDS
BY ANY OTHER THIRD PARTIES. THE OBLIGATION OF THE  CITY  OF  BUFFALO  TO
PERFORM  IN ACCORDANCE WITH SUCH AGREEMENT SHALL BE DEEMED TO BE IN FULL
SATISFACTION OF THE MUNICIPAL CLAIM WHICH WAS THE BASIS  FOR  THE  JUDG-
MENT.  THE  CITY  OF  BUFFALO,  AS PURCHASER AT SUCH PUBLIC SALE OR SALE
PURSUANT TO THE PROVISIONS OF A COUNTY CHARTER, CITY  CHARTER,  ADMINIS-
TRATIVE  CODE,  OR  SPECIAL  LAW  WHEN  APPLICABLE  UNDER SECTION ELEVEN
HUNDRED FOUR OF THIS ARTICLE, SHALL TAKE AND FOREVER THEREAFTER HAVE, AN
ABSOLUTE TITLE TO THE PROPERTY SOLD, FREE AND DISCHARGED OF ALL TAX  AND
MUNICIPAL  CLAIMS,  LIENS,  MORTGAGES,  CHARGES  AND ESTATES OF WHATEVER
KIND. THE DEED TO THE CITY OF BUFFALO SHALL  BE  EXECUTED,  ACKNOWLEDGED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11554-02-6

2015-A8156B (ACTIVE) - Details

See Senate Version of this Bill:
S7171
Law Section:
Not-for-Profit Corporation
Laws Affected:
Amd §1616, N-PC L

2015-A8156B (ACTIVE) - Summary

Provides the land bank can assign all rights resulting from the land bank's successful tender for the property to the foreclosing governmental unit; allows the property to be deeded directly to the foreclosing governmental unit.

2015-A8156B (ACTIVE) - Bill Text download pdf 

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

                                 8156--B

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2015
                               ___________

Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
  Committee on Real Property Taxation -- recommitted to the Committee on
  Real Property Taxation in accordance with Assembly Rule 3, sec.  2  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- again reported  from  said  committee
  with  amendments, ordered reprinted as amended and recommitted to said
  committee

AN ACT to amend the  not-for-profit  corporation  law,  in  relation  to
  assignment of rights by a land bank

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

  Section 1. Paragraph (i) of section 1616 of the not-for-profit  corpo-
ration law, as amended by chapter 372 of the laws of 2013, is amended to
read as follows:
  (i) Notwithstanding any other provision of law to the contrary, in the
event  that  no  municipality  elects  to  tender a bid at a public sale
pursuant to the provisions of section eleven hundred  sixty-six  of  the
real  property  tax  law  or sale pursuant to the provisions of a county
charter, city charter, administrative code, or special law when applica-
ble under section eleven hundred four of the real property tax law,  the
land  bank may tender a bid at such sale in an amount equal to the total
amount of all municipal claims and liens which were the  basis  for  the
judgment.  In  the  event  of  such tender by the land bank the property
shall be deemed sold to the land bank regardless  of  any  bids  by  any
other  third  parties.  The bid of the land bank shall be paid as to its
form, substance, and timing according to such agreement as  is  mutually
acceptable  to  the  plaintiff  and the land bank. The obligation of the
land bank to perform in accordance with such agreement shall  be  deemed
to  be  in  full satisfaction of the municipal claim which was the basis
for the judgment. The land bank, as purchaser at  such  public  sale  or
sale  pursuant  to  the  provisions  of  a county charter, city charter,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11554-04-6

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