Bill Text: NY A10168 | 2017-2018 | General Assembly | Introduced

---

Bill Title: Directs the court to provide notice to the former owners of foreclosed property of the right to file a claim for the excess funds from the sale of the real property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-03-22 - referred to judiciary [A10168 Detail]

Download: New_York-2017-A10168-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          10168
                   IN ASSEMBLY
                                     March 22, 2018
                                       ___________
        Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
          Committee on Judiciary
        AN ACT to amend the real property actions and proceedings  law  and  the
          real  property  tax law, in relation to requiring the court in a fore-
          closure action to provide notice to the former owner of the real prop-
          erty of the right to apply for surplus moneys from the  sale  of  such
          property
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 1354 of the real property actions  and  proceedings
     2  law is amended by adding a new subdivision 5 to read as follows:
     3    5. The court shall provide notice to the former owner or owners of the
     4  foreclosed  real  property  of the existence of surplus moneys resulting
     5  from the sale and their right to file a written notice of claim  to  all
     6  or  a  portion  of  such  proceeds  pursuant to section thirteen hundred
     7  sixty-one of this article.
     8    § 2. Section 1136 of the real property tax law is amended by adding  a
     9  new subdivision 4 to read as follows:
    10    4. Notice to former owners. In the event the court directs the sale of
    11  real  property  pursuant to this section, the court shall provide notice
    12  to the former owner or owners  of  the  foreclosed  real  property  that
    13  ownership  of  such property has been transferred to a municipality or a
    14  tax district, that after the sale thereof  there  is  a  potential  that
    15  surplus  moneys  may  result  from  the  sale and in the event a surplus
    16  results, such owner or owners shall have  a  right  to  file  a  written
    17  notice of claim to all or a portion of such proceeds pursuant to section
    18  thirteen  hundred sixty-one of the real property actions and proceedings
    19  law.
    20    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09300-01-7