Senate Bill S1278

2015-2016 Legislative Session

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment

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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

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2015-S1278 (ACTIVE) - Details

See Assembly Version of this Bill:
A163
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Add §291-k, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7515, A8684
2011-2012: S667, A626
2013-2014: S44, A1082
2017-2018: S475, A1387
2019-2020: S4806, A5613
2021-2022: S212
2023-2024: S526

2015-S1278 (ACTIVE) - Summary

Requires a recording officer not to record or accept a transfer or assignment of interest in a mortgage unless accompanied with a mortgage ownership assignment document.

2015-S1278 (ACTIVE) - Sponsor Memo

2015-S1278 (ACTIVE) - Bill Text download pdf

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

                                  1278

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 9, 2015
                               ___________

Introduced  by  Sen. PERALTA -- 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 the recording of a
  transfer or assignment of a mortgage interest

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

  Section  1.   The real property law is amended by adding a new section
291-k to read as follows:
  S 291-K. RECORDING OF TRANSFERS AND ASSIGNMENTS OF MORTGAGES; MORTGAGE
OWNERSHIP ASSIGNMENT DOCUMENT. 1. A RECORDING OFFICER SHALL  NOT  RECORD
OR ACCEPT FOR RECORDING ANY MORTGAGE OR ASSIGNMENT OF MORTGAGE MADE BY A
NON-NATURAL  PERSON AFFECTING LAND IN THIS STATE UNLESS ACCOMPANIED BY A
MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT IN  A  FORM  PRESCRIBED  BY  THIS
SECTION  AND THE FEE PRESCRIBED PURSUANT TO SECTION EIGHT THOUSAND TWEN-
TY-ONE OF THE CIVIL PRACTICE LAW AND RULES. SUCH FORM SHALL BE  RECORDED
NO  LATER THAN NINETY DAYS AFTER THE DATE OF THE ACKNOWLEDGMENT OR PROOF
OF SUCH INSTRUMENT.
  2. THE FORM OF THE MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT SHALL BE  AS
FOLLOWS:

                 MORTGAGE OWNERSHIP ASSIGNMENT DOCUMENT

NAME OF MORTGAGEE OR ASSIGNEE:

________________________________________________________________________

ADDRESS:

________________________________________________________________________

PHONE NUMBER:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00097-01-5
              

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