Bill S3148-2011

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

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.

Details

Actions

  • Apr 17, 2012: referred to judiciary
  • Apr 17, 2012: DELIVERED TO ASSEMBLY
  • Apr 17, 2012: PASSED SENATE
  • Mar 21, 2012: ADVANCED TO THIRD READING
  • Mar 20, 2012: 2ND REPORT CAL.
  • Mar 19, 2012: 1ST REPORT CAL.370
  • Jan 4, 2012: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • Jun 24, 2011: COMMITTED TO RULES
  • May 24, 2011: ADVANCED TO THIRD READING
  • May 23, 2011: 2ND REPORT CAL.
  • May 18, 2011: 1ST REPORT CAL.763
  • Feb 9, 2011: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - May 18, 2011
Ayes (8): Young, Bonacic, Gallivan, Grisanti, Ritchie, Espaillat, Diaz, Krueger
VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - Mar 19, 2012
Ayes (8): Young, Bonacic, Gallivan, Grisanti, Ritchie, Espaillat, Diaz, Krueger

Memo

BILL NUMBER:S3148

TITLE OF BILL: 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

PURPOSE: To require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.

SUMMARY OF PROVISIONS: This bill amends subdivision I of section 1351 of the Real Property Actions and Proceedings Law to require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.

EXISTING LAW: Currently, the RPAPL does not require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser be disclosed to the sheriff or referee conducting the sale.

JUSTIFICATION: In situations where real property is purchased at a foreclosure sale collectively by more than one individual, customarily, the referee conducting the sale or the attorney for the foreclosing mortgagee will ask the names of each individual purchaser. This bill would simply codify this existing practice.

LEGISLATIVE HISTORY: 2009-10, S.1771; S.4850, 2007-08; S.1412, 2005-06; S.1793, 2003-04; S.3980, 2001-02

FISCAL IMPLICATIONS: None.

LOCAL FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect on the 30th day after it shall have become a law.


Text

STATE OF NEW YORK ________________________________________________________________________ 3148 2011-2012 Regular Sessions IN SENATE February 9, 2011 ___________
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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.

Discuss!

blog comments powered by Disqus