Provides that the judgment of sale in a mortgage foreclosure action shall direct that in the event such premises is purchased collectively by more than one individual, the names of each individual purchaser shall be disclosed in writing to the sheriff of the county or referee conducting the sale.
STATE OF NEW YORK
________________________________________________________________________
S. 4049 A. 4291
2017-2018 Regular Sessions
SENATE - ASSEMBLY
February 2, 2017
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Housing,
Construction and Community Development
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Judiciary
AN ACT to amend the real property actions and proceedings law, in
relation to the purchase of the premises at a mortgage foreclosure
sale by a group
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 amended by section 8 of part Q of chapter 73 of
3 the laws of 2016, is 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 within
9 ninety days of the date of the judgment. The judgment shall direct that
10 in the event such premises is purchased collectively by more than one
11 individual, the names of each individual purchaser shall be disclosed in
12 writing to such sheriff or referee.
13 § 2. This act shall take effect on the thirtieth day after it shall
14 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04110-01-7
