Senate Bill S7171

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

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A8156 - 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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2015-S7171 (ACTIVE) - Details

See Assembly Version of this Bill:
A8156
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Amd §1616, N-PC L

2015-S7171 (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-S7171 (ACTIVE) - Sponsor Memo

2015-S7171 (ACTIVE) - Bill Text download pdf 

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

                                  7171

                            I N  S E N A T E

                              April 5, 2016
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

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,
administrative code, or special law when applicable under section eleven
hundred four of the real property tax law, shall take and forever there-
after  have, an absolute title to the property sold, free and discharged
of all tax and municipal claims, liens, mortgages, charges  and  estates
of  whatsoever  kind.  The  deed  to  the  land  bank shall be executed,
acknowledged and delivered within thirty days of the sale.  ALTERNATIVE-
LY, THE LAND BANK CAN ASSIGN ALL RIGHTS RESULTING FROM THE  LAND  BANK'S

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

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