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Assembly Bill A1569

2017-2018 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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2017-A1569 (ACTIVE) - Details

See Senate Version of this Bill:
S4663
Law Section:
Real Property Law
Laws Affected:
Amd §266, RP L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10424
2019-2020: A6111

2017-A1569 (ACTIVE) - Summary

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

2017-A1569 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1569
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 Introduced by M. of A. MOSLEY, WEINSTEIN, 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:
   § 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.
   § 2. This act shall take effect immediately.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04039-01-7

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