STATE OF NEW YORK
________________________________________________________________________
8595
2025-2026 Regular Sessions
IN SENATE
December 3, 2025
___________
Introduced by Sen. MYRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the real property actions and proceedings law, in
relation to directing how certain valuations and computations of the
amount due are calculated in certain foreclosure actions
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 1321 of the real property actions and proceedings
2 law is amended by adding a new subdivision 3 to read as follows:
3 3. Where a referee is directed to compute the amount due under this
4 section, the referee shall:
5 (a) reflect all sums owing under the note and mortgage as of the date
6 of the proposed judgment amount, except as otherwise ordered by the
7 court for good cause shown.
8 (b) itemize the computation in a form prescribed by the chief adminis-
9 trative judge, including, but not limited to, any:
10 (i) unpaid principal balance;
11 (ii) accrued interest with applicable rates and date ranges;
12 (iii) advances for taxes, insurance, and property preservation;
13 (iv) contractual fees and charges; and
14 (v) court-approved costs and disbursements.
15 (c) only include items supported by documentation submitted by the
16 foreclosing plaintiff that would be admissible as evidence; provided,
17 however, where there is an absence of adequate documentation for an
18 item, the referee shall refer the issue to the court.
19 § 2. The real property actions and proceedings law is amended by
20 adding a new section 1351-a to read as follows:
21 § 1351-a. Valuation date standard for sale and deficiency calcu-
22 lations. For all foreclosure sales under this article, the amount due
23 on the debt, and any subsequent calculation for deficiency or surplus
24 distribution pursuant to sections thirteen hundred sixty-one or thirteen
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14164-02-5
S. 8595 2
1 hundred seventy-one of this article, shall be computed using the valu-
2 ation date of the date the property is bid on at public auction;
3 provided, however, where the court expressly orders a different valu-
4 ation date upon application of any party for good cause shown, such date
5 shall be used as the valuation date.
6 § 3. This act shall take effect on the ninetieth day after it shall
7 have become a law. Effective immediately, the addition, amendment and/or
8 repeal of any rule or regulation necessary for the implementation of
9 this act on its effective date are authorized to be made and completed
10 on or before such effective date.
