STATE OF NEW YORK
        ________________________________________________________________________
                                         8156--B
                               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 -- again reported  from  said  committee
          with  amendments, ordered reprinted as amended and recommitted to said
          committee
        AN ACT to amend the  not-for-profit  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. Paragraph (i) of section 1616 of the not-for-profit  corpo-
     2  ration law, as amended by chapter 372 of the laws of 2013, is amended to
     3  read as follows:
     4    (i) Notwithstanding any other provision of law to the contrary, in the
     5  event  that  no  municipality  elects  to  tender a bid at a public sale
     6  pursuant to the provisions of section eleven hundred  sixty-six  of  the
     7  real  property  tax  law  or sale pursuant to the provisions of a county
     8  charter, city charter, administrative code, or special law when applica-
     9  ble under section eleven hundred four of the real property tax law,  the
    10  land  bank may tender a bid at such sale in an amount equal to the total
    11  amount of all municipal claims and liens which were the  basis  for  the
    12  judgment.  In  the  event  of  such tender by the land bank the property
    13  shall be deemed sold to the land bank regardless  of  any  bids  by  any
    14  other  third  parties.  The bid of the land bank shall be paid as to its
    15  form, substance, and timing according to such agreement as  is  mutually
    16  acceptable  to  the  plaintiff  and the land bank. The obligation of the
    17  land bank to perform in accordance with such agreement shall  be  deemed
    18  to  be  in  full satisfaction of the municipal claim which was the basis
    19  for the judgment. The land bank, as purchaser at  such  public  sale  or
    20  sale  pursuant  to  the  provisions  of  a county charter, city charter,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11554-04-6