Bill S347-2013

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

  • Mar 3, 2014: referred to judiciary
  • Mar 3, 2014: DELIVERED TO ASSEMBLY
  • Mar 3, 2014: PASSED SENATE
  • Feb 3, 2014: ADVANCED TO THIRD READING
  • Jan 28, 2014: 2ND REPORT CAL.
  • Jan 27, 2014: 1ST REPORT CAL.55
  • Jan 8, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • Jan 8, 2014: returned to senate
  • Jan 8, 2014: died in assembly
  • Apr 15, 2013: referred to judiciary
  • Apr 15, 2013: DELIVERED TO ASSEMBLY
  • Apr 15, 2013: PASSED SENATE
  • Mar 4, 2013: ADVANCED TO THIRD READING
  • Feb 28, 2013: 2ND REPORT CAL.
  • Feb 27, 2013: 1ST REPORT CAL.91
  • Jan 9, 2013: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Votes

VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - Feb 27, 2013
Ayes (9): Young, Bonacic, Boyle, Gallivan, Nozzolio, Smith, Espaillat, Diaz, Krueger
VOTE: COMMITTEE VOTE: - Housing, Construction and Community Development - Jan 27, 2014
Ayes (9): Young, Bonacic, Boyle, Gallivan, Nozzolio, Martins, Espaillat, Diaz, Krueger

Memo

BILL NUMBER:S347

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 1 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: 2011-12: S.3148; 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 ________________________________________________________________________ 347 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
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.

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