Senate Bill S5228

2015-2016 Legislative Session

Provides that the judgment of sale in a mortgage foreclosure action shall direct that each individual of a group purchasing the premises disclose his or her name

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Archive: Last Bill Status - In Senate Committee Rules 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

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2015-S5228 (ACTIVE) - Details

See Assembly Version of this Bill:
A8677
Current Committee:
Senate Rules
Law Section:
Real Property Actions and Proceedings Law
Laws Affected:
Amd ยง1351, RPAP L
Versions Introduced in Other Legislative Sessions:
2009-2010: S1771
2011-2012: S3148, A6745
2013-2014: S347, A7154
2017-2018: S4049, A4291

2015-S5228 (ACTIVE) - Summary

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.

2015-S5228 (ACTIVE) - Sponsor Memo

2015-S5228 (ACTIVE) - Bill Text download pdf 

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

                                  5228

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               May 8, 2015
                               ___________

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:

  Section 1. Subdivision 1 of section 1351 of the real property  actions
and  proceedings  law,  as  added by chapter 312 of the laws of 1962, is
amended to read as follows:
  1. The judgment shall direct that the mortgaged premises, or  so  much
thereof  as  may  be  sufficient  to  discharge  the  mortgage debt, the
expenses of the sale and the costs of the action, and which may be  sold
separately without material injury to the parties interested, be sold by
or  under the direction of the sheriff of the county, or a referee.  THE
JUDGMENT 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 SUCH SHERIFF OR REFEREE.
  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.
                                                           LBD10979-01-5

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