Bill Text: NY S03149 | 2011-2012 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03149 Detail]

Download: New_York-2011-S03149-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        3149--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   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  -- committee discharged, bill amended, ordered
         reprinted as amended and recommitted to said committee
       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:
    1    Section  1. Subdivision 1 of section 1351 of the real property actions
    2  and proceedings law, as added by chapter 312 of the  laws  of  1962,  is
    3  amended to read as follows:
    4    1.  The  judgment shall direct that the mortgaged premises, or so much
    5  thereof as may  be  sufficient  to  discharge  the  mortgage  debt,  the
    6  expenses  of the sale and the costs of the action, and which may be sold
    7  separately without material injury to the parties interested, be sold by
    8  or under the direction of the sheriff of the county, or a referee.   THE
    9  JUDGMENT  SHALL DIRECT THAT PAYMENT BY THE PURCHASER BE MADE BY MEANS OF
   10  A BANK OR CREDIT UNION OFFICER'S CHECK OR CERTIFIED CHECK.
   11    S 2. This act shall take effect on the thirtieth day  after  it  shall
   12  have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07677-03-1