Senate Bill S2312

2013-2014 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

Sponsored By

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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2013-S2312 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd §275, RP L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2566
2011-2012: S2906
2015-2016: S25

2013-S2312 (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.

2013-S2312 (ACTIVE) - Sponsor Memo

2013-S2312 (ACTIVE) - Bill Text download pdf

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

                                  2312

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 15, 2013
                               ___________

Introduced  by  Sens. DeFRANCISCO, LARKIN, RANZENHOFER -- 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.
                                                           LBD04622-01-3


              

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