Bill Text: NY S03148 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that the judgment of sale in a mortgage foreclosure action shall direct that in the event such premises is purchased collectively by more than one individual, the names of each individual purchaser shall be disclosed in writing to the sheriff of the county or referee conducting the sale.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2012-04-17 - referred to judiciary [S03148 Detail]

Download: New_York-2011-S03148-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3148
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 9, 2011
                                      ___________
       Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       AN  ACT  to  amend  the  real  property  actions and proceedings law, in
         relation to the purchase of the premises  at  a  mortgage  foreclosure
         sale by a group
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 1 of section 1351 of the real property  actions
    2  and  proceedings  law,  as  added by chapter 312 of the laws of 1962, is
    3  amended to read as follows:
    4    1. The judgment shall direct that the mortgaged premises, or  so  much
    5  thereof  as  may  be  sufficient  to  discharge  the  mortgage debt, the
    6  expenses of the sale and the costs of the action, and which may be  sold
    7  separately without material injury to the parties interested, be sold by
    8  or  under the direction of the sheriff of the county, or a referee.  THE
    9  JUDGMENT SHALL DIRECT THAT IN  THE  EVENT  SUCH  PREMISES  IS  PURCHASED
   10  COLLECTIVELY  BY  MORE THAN ONE INDIVIDUAL, THE NAMES OF EACH INDIVIDUAL
   11  PURCHASER SHALL BE DISCLOSED IN WRITING TO SUCH SHERIFF OR REFEREE.
   12    S 2. This act shall take effect on the thirtieth day  after  it  shall
   13  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07676-01-1