Assembly Bill A10424

2015-2016 Legislative Session

Establishes a rebuttable presumption to the right to title of an incumbrancer in certain cases

download bill text pdf

Sponsored By

Archive: Last Bill Status - On Floor Calendar

  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2015-A10424 (ACTIVE) - Details

Law Section:
Real Property Law
Laws Affected:
Amd ยง266, RP L
Versions Introduced in Other Legislative Sessions:
2017-2018: A1569
2019-2020: A6111

2015-A10424 (ACTIVE) - Summary

Establishes a rebuttable presumption to the right to title of an incumbrancer in certain cases.

2015-A10424 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10424

                          I N  A S S E M B L Y

                              May 26, 2016
                               ___________

Introduced  by  M.  of  A.  MOSLEY, WEINSTEIN, ROBINSON, LENTOL, BARRON,
  COOK, HYNDMAN, TITUS, WALKER -- Multi-Sponsored by -- M. of  A.  NOLAN
  -- read once and referred to the Committee on Judiciary

AN  ACT  to  amend the real property law, in relation to rebuttal of the
  right of an incumbrancer

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 266 of the real property law is amended to read as
follows:
  S 266. Rights of purchaser or incumbrancer for valuable  consideration
protected.    This  article  does not in any manner affect or impair the
title of a purchaser  or  incumbrancer  for  a  valuable  consideration,
unless  it  appears that he had previous notice of the fraudulent intent
of his immediate grantor, or of the fraud rendering void  the  title  of
such grantor.  THERE SHALL BE A REBUTTABLE PRESUMPTION THAT THIS SECTION
SHALL  NOT  APPLY  IN THE CASE OF A TRANSFER OF MORTGAGED REAL PROPERTY,
BETWEEN A PURCHASER AND SELLER WHO ARE NOT ASSOCIATED PARTIES,  THAT  IS
NOT  ACCOMPANIED  BY  THE RECORDING WITH THE CLERK OF THE COUNTY OR WITH
THE COMMISSIONER OF DEEDS IN WHICH THE PROPERTY IS LOCATED, OF A  STATE-
MENT,  EXECUTED  BY  THE  MORTGAGEE,  AND  DULY  ACKNOWLEDGED,  STATING,
SUBSTANTIALLY, THAT (1) A PARTY IS ASSUMING  THE  SELLER'S  INDEBTEDNESS
SECURED  BY  THE  MORTGAGE;  OR (2) THAT THE INDEBTEDNESS SECURED BY THE
MORTGAGE HAS BEEN SATISFIED.
  FOR THE PURPOSES OF THIS SECTION, "ASSOCIATED PARTIES" MEANS  SPOUSES,
EX-SPOUSES,  PARENTS  AND CHILDREN, SIBLINGS, A HOMEOWNER AND THAT HOME-
OWNER'S FAMILY TRUST, OR A HOMEOWNER AND THAT  HOMEOWNER'S  WHOLLY-OWNED
LIMITED LIABILITY COMPANY.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15638-01-6

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.