Bill Text: NY S03149 | 2011-2012 | General Assembly | Introduced

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

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Bill Title: Provides that the judgment of sale in a mortgage foreclosure action shall direct that payment by the purchaser be made by means of a bank or credit union officer's check or certified check.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03149 Detail]

Download: New_York-2011-S03149-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3149
                              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 payment by  bank  check  or  certified  check  of  the
         purchase price at a mortgage foreclosure sale
         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 PAYMENT BY THE PURCHASER BE MADE BY MEANS  OF
   10  A BANK OFFICER'S CHECK OR CERTIFIED CHECK.
   11    S  2.  This  act shall take effect on the thirtieth day after it shall
   12  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07677-01-1