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Assembly Bill A7579

2021-2022 Legislative Session

Directs the court to provide notice to the former owners of foreclosed property of the right to file a claim for the excess funds from the sale of the real property

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Archive: Last Bill Status - In Assembly Committee

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2021-A7579 (ACTIVE) - Details

See Senate Version of this Bill:
S3130
Current Committee:
Assembly Judiciary
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd §1354, RPAP L; amd §1136, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: S6259
2017-2018: A10168, S3948
2019-2020: A7160, S882, S4683
2023-2024: A2305, S2082

2021-A7579 (ACTIVE) - Summary

Directs the court to provide notice to the former owners of foreclosed property of the right to file a claim for the excess funds from the sale of the real property.

2021-A7579 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7579
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 14, 2021
                                ___________
 
 Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the real property actions and proceedings  law  and  the
   real  property  tax law, in relation to requiring the court in a fore-
   closure action to provide notice to the former owner of the real prop-
   erty of the right to apply for surplus moneys from the  sale  of  such
   property
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1354 of the real property actions  and  proceedings
 law is amended by adding a new subdivision 5 to read as follows:
   5. THE COURT SHALL PROVIDE NOTICE TO THE FORMER OWNER OR OWNERS OF THE
 FORECLOSED  REAL  PROPERTY  OF THE EXISTENCE OF SURPLUS MONEYS RESULTING
 FROM THE SALE AND THEIR RIGHT TO FILE A WRITTEN NOTICE OF CLAIM  TO  ALL
 OR  A  PORTION  OF  SUCH  PROCEEDS  PURSUANT TO SECTION THIRTEEN HUNDRED
 SIXTY-ONE OF THIS ARTICLE.
   § 2. Section 1136 of the real property tax law is amended by adding  a
 new subdivision 4 to read as follows:
   4. NOTICE TO FORMER OWNERS. IN THE EVENT THE COURT DIRECTS THE SALE OF
 REAL  PROPERTY  PURSUANT TO THIS SECTION, THE COURT SHALL PROVIDE NOTICE
 TO THE FORMER OWNER OR OWNERS  OF  THE  FORECLOSED  REAL  PROPERTY  THAT
 OWNERSHIP  OF  SUCH PROPERTY HAS BEEN TRANSFERRED TO A MUNICIPALITY OR A
 TAX DISTRICT, THAT AFTER THE SALE THEREOF  THERE  IS  A  POTENTIAL  THAT
 SURPLUS  MONEYS  MAY  RESULT  FROM  THE  SALE AND IN THE EVENT A SURPLUS
 RESULTS, SUCH OWNER OR OWNERS SHALL HAVE  A  RIGHT  TO  FILE  A  WRITTEN
 NOTICE OF CLAIM TO ALL OR A PORTION OF SUCH PROCEEDS PURSUANT TO SECTION
 THIRTEEN  HUNDRED SIXTY-ONE OF THE REAL PROPERTY ACTIONS AND PROCEEDINGS
 LAW.
   § 3. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06340-01-1

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