New York State Assembly

Bill No.:  

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

---

S00025 Summary:

BILL NO	S00025
SAME AS	No Same As
SPONSOR	DEFRANCISCO
COSPNSR
MLTSPNSR
Amd S275, RP L
Allows a mortgagor to receive an assignment of mortgage in lieu of a discharge of mortgage when the mortgagor is refinancing an existing loan.

Go to top    

---

S00025 Actions:

BILL NO	S00025
01/07/2015	REFERRED TO JUDICIARY
06/08/2015	COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/08/2015	ORDERED TO THIRD READING CAL.1337
06/09/2015	PASSED SENATE
06/09/2015	DELIVERED TO ASSEMBLY
06/09/2015	referred to judiciary
01/06/2016	died in assembly
01/06/2016	returned to senate
01/06/2016	REFERRED TO JUDICIARY

Go to top

---

S00025 Committee Votes:

Go to top

---

S00025 Floor Votes:

Go to top

---

S00025 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           25
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 7, 2015
                                       ___________
 
        Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
          when printed to be committed to the Committee on Judiciary
 
        AN ACT to amend the real  property  law,  in  relation  to  allowing  an
          assignment of mortgage in lieu of a certificate of discharge
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 2 of section 275 of the real  property  law  is
     2  amended by adding a new closing paragraph to read as follows:
     3    In  the  situation  provided for in paragraph (c) of this subdivision,
     4  the mortgagor, at his or her option may  demand  an  assignment  of  the
     5  mortgagor's  note  and  mortgage securing its payment to another lender.
     6  The original lender shall  assign  the  mortgagor's  note  and  mortgage
     7  securing  its payment to another lender upon such demand. The demand for
     8  the assignment of mortgage shall be made by the mortgagor to the mortga-
     9  gee in writing within twenty days of  closing  on  the  refinancing  and
    10  shall  state  that  the purpose for such assignment is to effectuate the
    11  refinancing of the existing loan with a new lender. The  person  signing
    12  the assignment shall deliver the assignment and any necessary accompany-
    13  ing papers or affidavits at least two days prior to such closing, to the
    14  escrow  agent  designated by the mortgagor and the mortgagee or original
    15  lender. Upon closing, the escrow agent shall transmit the assignment and
    16  any necessary accompanying papers or affidavits to  the  new  lender  or
    17  mortgagee.  The  provisions  of  this paragraph shall neither expand nor
    18  diminish the liability against a  mortgagee  who,  after  a  good  faith
    19  effort,  is  unable  to deliver the note to the escrow agent because the
    20  note was misplaced or lost.
    21    § 2. This act shall take effect on the thirtieth day  after  it  shall
    22  have become a law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01117-01-5

Go to top