Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to judiciary |
Feb 24, 2009 |
referred to judiciary |
Senate Bill S2566
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S2566 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §275, RP L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S2906
2013-2014: S2312
2015-2016: S25
2009-S2566 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2566 TITLE OF BILL : An act to amend the real property law, in relation to allowing an assignment of mortgage in lieu of a certificate of discharge PURPOSE : To allow property owners who have paid off their mortgage as part of refinancing their property with a new bank to get either a certificate of discharge or an assignment of the mortgage. SUMMARY OF SPECIFIC PROVISIONS : The bill amends subdivision 2 of § 275 of the Real Property Law to allow a property owner who has paid off a mortgage to demand either an assignment of their mortgage or a certificate of discharge from the bank which holds the mortgage. The assignment or certificate of discharge shall be available only for refinancing purposes thereby preventing the problem of dormant mortgages. If the mortgagor wishes an assignment rather than a certificate of discharge, the demand must be made in writing and state that the reason for the assignment is to effectuate the refinancing of an existing loan with a new lender. The original lender shall then assign the note and mortgage securing its payment to another lender. JUSTIFICATION :
2009-S2566 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2566 2009-2010 Regular Sessions I N S E N A T E February 24, 2009 ___________ Introduced by Sen. DeFRANCISCO -- 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 allowing an assignment of mortgage in lieu of a certificate of discharge THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 275 of the real property law is amended by adding a new closing paragraph to read as follows: IN THE SITUATION PROVIDED FOR IN PARAGRAPH (C) OF THIS SUBDIVISION, THE MORTGAGOR, AT HIS OR HER OPTION MAY DEMAND AN ASSIGNMENT OF THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER. THE ORIGINAL LENDER SHALL ASSIGN THE MORTGAGOR'S NOTE AND MORTGAGE SECURING ITS PAYMENT TO ANOTHER LENDER UPON SUCH DEMAND. THE DEMAND FOR THE ASSIGNMENT OF MORTGAGE SHALL BE MADE BY THE MORTGAGOR TO THE MORTGA- GEE IN WRITING WITHIN TWENTY DAYS OF CLOSING ON THE REFINANCING AND SHALL STATE THAT THE PURPOSE FOR SUCH ASSIGNMENT IS TO EFFECTUATE THE REFINANCING OF THE EXISTING LOAN WITH A NEW LENDER. THE PERSON SIGNING THE ASSIGNMENT SHALL DELIVER THE ASSIGNMENT AND ANY NECESSARY ACCOMPANY- ING PAPERS OR AFFIDAVITS AT LEAST TWO DAYS PRIOR TO SUCH CLOSING, TO THE ESCROW AGENT DESIGNATED BY THE MORTGAGOR AND THE MORTGAGEE OR ORIGINAL LENDER. UPON CLOSING, THE ESCROW AGENT SHALL TRANSMIT THE ASSIGNMENT AND ANY NECESSARY ACCOMPANYING PAPERS OR AFFIDAVITS TO THE NEW LENDER OR MORTGAGEE. THE PROVISIONS OF THIS PARAGRAPH SHALL NEITHER EXPAND NOR DIMINISH THE LIABILITY AGAINST A MORTGAGEE WHO, AFTER A GOOD FAITH EFFORT, IS UNABLE TO DELIVER THE NOTE TO THE ESCROW AGENT BECAUSE THE NOTE WAS MISPLACED OR LOST. S 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03578-01-9
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