Bill Text: NY A08156 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-09-29 - signed chap.341 [A08156 Detail]

Download: New_York-2015-A08156-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                         8156--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                      June 10, 2015
                                       ___________
        Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
          Committee on Real Property Taxation -- recommitted to the Committee on
          Real Property Taxation in accordance with Assembly Rule 3, sec.  2  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
        AN ACT to amend the real property tax law, in relation to  bids  by  the
          city of Buffalo for foreclosed property; and to amend the not-for-pro-
          fit  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:
     1    Section  1.  Section  1120  of the real property tax law is amended by
     2  adding a new subdivision 3 to read as follows:
     3    3. At a public sale pursuant  to  the  provisions  of  section  eleven
     4  hundred  sixty-six of this article or sale pursuant to the provisions of
     5  a county charter, city charter, administrative code, or special law when
     6  applicable under section eleven hundred four of this article,  the  city
     7  of Buffalo may tender a bid at such sale in an amount equal to the total
     8  amount  of  all  municipal claims and liens which were the basis for the
     9  judgment. In the event of such tender by the city of Buffalo, the  prop-
    10  erty  shall be deemed sold to the city of Buffalo regardless of any bids
    11  by any other third parties. The obligation of the  city  of  Buffalo  to
    12  perform  in accordance with such agreement shall be deemed to be in full
    13  satisfaction of the municipal claim which was the basis  for  the  judg-
    14  ment.  The  city  of  Buffalo,  as purchaser at such public sale or sale
    15  pursuant to the provisions of a county charter, city  charter,  adminis-
    16  trative  code,  or  special  law  when  applicable  under section eleven
    17  hundred four of this article, shall take and forever thereafter have, an
    18  absolute title to the property sold, free and discharged of all tax  and
    19  municipal  claims,  liens,  mortgages,  charges  and estates of whatever
    20  kind. The deed to the city of Buffalo shall  be  executed,  acknowledged
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11554-02-6