senate Bill S1312

2021-2022 Legislative Session

Relates to removing the word residential from notices of conveyance of real property

download bill text pdf

Sponsored By

Current 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 11, 2021 referred to judiciary

Co-Sponsors

S1312 (ACTIVE) - Details

See Assembly Version of this Bill:
A7261
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §291, RP L

S1312 (ACTIVE) - Summary

Relates to removing the word residential from notices of conveyance of real property.

S1312 (ACTIVE) - Sponsor Memo

S1312 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1312
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2021
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property law, in relation to removing the  word
   residential from notices of conveyance of real property
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 291 of the real property law, as amended by chapter
 641 of the laws of 2019, is amended to read as follows:
   § 291. Recording of conveyances. A conveyance of real property, within
 the state, on being duly acknowledged by the person executing the  same,
 or  proved as required by this chapter, and such acknowledgment or proof
 duly certified when required by this chapter, may  be  recorded  in  the
 office  of the clerk of the county where such real property is situated,
 and such county clerk or city registrar where applicable shall, upon the
 request of any party, on tender of the lawful fees therefor, record  the
 same  in  said  office. Every such conveyance not so recorded is void as
 against any person who subsequently purchases or acquires by exchange or
 contracts to purchase or acquire by exchange, the same real property  or
 any portion thereof, or acquires by assignment the rent to accrue there-
 from  as  provided in section two hundred ninety-four-a of this article,
 in good faith and for a valuable consideration, from the same vendor  or
 assignor,  his  distributees or devisees, and whose conveyance, contract
 or assignment is first duly recorded, and is void as  against  the  lien
 upon the same real property or any portion thereof arising from payments
 made  upon  the execution of or pursuant to the terms of a contract with
 the same vendor, his distributees or devisees, if such contract is  made
 in  good  faith and is first duly recorded.  Notwithstanding the forego-
 ing, any increase in the principal balance of a mortgage lien by  virtue
 of  the addition thereto of unpaid interest in accordance with the terms
 of the mortgage shall retain the priority of the original mortgage  lien
 as  so  increased  provided that any such mortgage instrument sets forth
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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