Bill S348-2013

Provides that the judgment of sale in a mortgage foreclosure action shall direct that payment by the purchaser be made by means of a bank officer's check

Provides that the judgment of sale in a mortgage foreclosure action shall direct that payment by the purchaser be made by means of a bank or credit union officer's check or certified check.

Details

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  • Jan 8, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • Jan 9, 2013: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Memo

BILL NUMBER:S348

TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to the payment by bank check or certified check of the purchase price at a mortgage foreclosure sale

PURPOSE: To require the payment of the purchase price at a mortgage foreclosure sale by bank or credit union check or certified check.

SUMMARY OF PROVISIONS: This bill (the "Bill") amends subdivision 1 of section 1351 of the Real Actions and Proceedings Law (the "RPAPL") to require the purchaser of real property a foreclosure sale to make payment by either bank check or certified check.

EXISTING LAW: Currently, the RPAPL does not require the purchaser of real property a foreclosure sale to make payment by either bank or credit union check or certified check.

JUSTIFICATION: Customarily, the terms of sale will dictate the form of payment for a purchaser of real property a foreclosure sale. Often a bank or credit union check or certified check is required by the terms This bill would simply codify this existing practice

LEGISLATIVE HISTORY: 2011-12 S.3149; S.2009-10 S.1770; S.4851, 2007-08; S.1413, 2005-06; S.1846, 2003-04; S.3961, 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 ________________________________________________________________________ 348 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 payment by bank check or certified check of the purchase price at a mortgage foreclosure sale 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 PAYMENT BY THE PURCHASER BE MADE BY MEANS OF A BANK OR CREDIT UNION OFFICER'S CHECK OR CERTIFIED CHECK. S 2. This act shall take effect on the thirtieth day after it shall have become a law.

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