| New York Proposed Legislation |
| Thursday, 12 March 2009 | |
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SB 1182 and AB 5358 proposes to amend NY General Obligations law provisions concerning real property conditions. New York S 01944 proposes to amend the real property actions and proceedings law.
This proposed bill would require the holder of a mortgage, where a final judgment is entered for the foreclosing mortgage holder in an action to recover any part of the secured debt, to enter into control and possession of the foreclosed property and maintain it in a safe and habitable condition until it is sold, occupied, or legally disposed of.
SB 1182 was introduced January 27th, 2009, passed the Senate 47/11 on February 25, 2009 after three readings, and was delivered to the Assembly that day.
To view the most current version of the bill, please click here.
New York S 01944 proposes to amend the real property actions and proceedings law, by requiring a foreclosing party to designate a party to accept service in the event a property becomes vacant during the foreclosure process. This requirement applies to pre and post-sale properties.
To view the most current version of the bill, please click here.
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