senate Bill S4607

2015-2016 Legislative Session

Relates to mortgage foreclosure by power of sale

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee


  • 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 06, 2016 referred to judiciary
Mar 30, 2015 referred to judiciary

S4607 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Add Art 14 §§1401 - 1421, RPAP L
Versions Introduced in Other Legislative Sessions:
2011-2012: S7240
2013-2014: S3838

S4607 (ACTIVE) - 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.

S4607 (ACTIVE) - Sponsor Memo

S4607 (ACTIVE) - Bill Text download pdf

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

                                  4607

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             March 30, 2015
                               ___________

Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Judiciary

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.
        1418. APPLICATION FOR SURPLUS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10170-01-5

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