Bill Text: NY S07171 | 2015-2016 | General Assembly | Introduced
Bill Title: Provides the land bank can assign all rights resulting from the land bank's successful tender for the property to the foreclosing governmental unit; allows the property to be deeded directly to the foreclosing governmental unit.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-06-17 - SUBSTITUTED BY A8156B [S07171 Detail]
Download: New_York-2015-S07171-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7171 IN SENATE April 5, 2016 ___________ Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the not-for-profit corporation law, in relation to assignment of rights by a land bank The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (i) of section 1616 of the not-for-profit corpo- 2 ration law, as amended by chapter 372 of the laws of 2013, is amended to 3 read as follows: 4 (i) Notwithstanding any other provision of law to the contrary, in the 5 event that no municipality elects to tender a bid at a public sale 6 pursuant to the provisions of section eleven hundred sixty-six of the 7 real property tax law or sale pursuant to the provisions of a county 8 charter, city charter, administrative code, or special law when applica- 9 ble under section eleven hundred four of the real property tax law, the 10 land bank may tender a bid at such sale in an amount equal to the total 11 amount of all municipal claims and liens which were the basis for the 12 judgment. In the event of such tender by the land bank the property 13 shall be deemed sold to the land bank regardless of any bids by any 14 other third parties. The bid of the land bank shall be paid as to its 15 form, substance, and timing according to such agreement as is mutually 16 acceptable to the plaintiff and the land bank. The obligation of the 17 land bank to perform in accordance with such agreement shall be deemed 18 to be in full satisfaction of the municipal claim which was the basis 19 for the judgment. The land bank, as purchaser at such public sale or 20 sale pursuant to the provisions of a county charter, city charter, 21 administrative code, or special law when applicable under section eleven 22 hundred four of the real property tax law, shall take and forever there- 23 after have, an absolute title to the property sold, free and discharged 24 of all tax and municipal claims, liens, mortgages, charges and estates 25 of whatsoever kind. The deed to the land bank shall be executed, 26 acknowledged and delivered within thirty days of the sale. Alternative- 27 ly, the land bank can assign all rights resulting from the land bank's EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11554-05-6
