Assembly Bill A8300

2011-2012 Legislative Session

Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2011-A8300 (ACTIVE) - Details

See Senate Version of this Bill:
S2906
Current Committee:
Assembly Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §275, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2566
2013-2014: S2312
2015-2016: S25

2011-A8300 (ACTIVE) - Summary

Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan.

2011-A8300 (ACTIVE) - Bill Text download pdf 

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

                                  8300

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 10, 2011
                               ___________

Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
  tee 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.
                                                           LBD03771-01-1

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