Bill Text: NY S03947 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 3947 (Prior Session Legislation)

Introduced

Bill Title: Relates to a bail bond secured by real property.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-06-14 - SUBSTITUTED BY A7388 [S03947 Detail]

Download: New_York-2011-S03947-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3947
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 10, 2011
                                      ___________
       Introduced  by  Sen.  DeFRANCISCO  -- (at request of the Office of Court
         Administration) -- read twice and ordered printed, and when printed to
         be committed to the Committee on Codes
       AN ACT to amend the criminal procedure law, in relation to a  bail  bond
         secured by real property
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph (b) of subdivision 17 of section  500.10  of  the
    2  criminal  procedure  law, as amended by chapter 316 of the laws of 1992,
    3  is amended to read as follows:
    4    (b) Real property having a value of at least twice the total amount of
    5  the undertaking. For purposes of this paragraph, value of real  property
    6  is determined by EITHER:
    7    (I)  dividing  the  last  assessed  value of such property by the last
    8  given equalization rate or in a special assessing unit,  as  defined  in
    9  article  eighteen  of  the  real property tax law, the appropriate class
   10  ratio established pursuant to section twelve hundred two of such law  of
   11  the  assessing  municipality  wherein  the  property  is situated and by
   12  deducting from the resulting figure the total amount  of  any  liens  or
   13  other encumbrances upon such property; OR
   14    (II)  THE  VALUE OF THE PROPERTY AS INDICATED IN A CERTIFIED APPRAISAL
   15  REPORT SUBMITTED BY A STATE CERTIFIED GENERAL REAL ESTATE APPRAISER DULY
   16  LICENSED BY THE DEPARTMENT OF STATE AS PROVIDED IN SECTION  ONE  HUNDRED
   17  SIXTY-J  OF THE EXECUTIVE LAW, AND BY DEDUCTING FROM THE APPRAISED VALUE
   18  THE TOTAL AMOUNT OF ANY LIENS OR OTHER ENCUMBRANCES UPON SUCH  PROPERTY.
   19  A LIEN REPORT ISSUED BY A TITLE INSURANCE COMPANY LICENSED UNDER ARTICLE
   20  SIXTY-FOUR  OF  THE  INSURANCE LAW, THAT GUARANTEES THE CORRECTNESS OF A
   21  LIEN SEARCH CONDUCTED BY IT, SHALL BE PRESUMPTIVE PROOF  OF  LIENS  UPON
   22  THE PROPERTY.
   23    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09519-01-1