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S1771Senate2009-2010 Session

Provides that the judgment of sale in a mortgage foreclosure action shall direct that each individual of a group purchasing the premises disclose his or her name

Sponsor Kenneth P. LaValleSD-1Affects Housing
Status
In Senate Committee
Housing, Construction And Community Development
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Housing, Construction And Community Development

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Who cares

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Sponsors

Primary sponsor
Kenneth P. LaValle

Senator · Senate District 1

No co-sponsors yet.

History

  1. Referred to housing, construction and community development
  2. Referred to judiciary

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

Title of bill

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

Purpose

To require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale

Summary of provisions

This bill (the "Bill") amends subdivision 1 of section 1351 of the Real Property Actions and Proceedings Law (the "RPAPL") to require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser shall be disclosed to the sheriff or referee conducting the sale.

Existing law

Currently, the RPAPL does not require that in the event real property is purchased at a foreclosure sale collectively by more than one individual, the names of each individual purchaser be disclosed to the sheriff or referee conducting the sale.

Justification

In situations where real property is purchased at a foreclosure sale collectively by more than one individual, customarily, the referee conducting the sale or the attorney for the foreclosing mortgagee will ask the names of each individual purchaser. This bill would simply codify this existing practice.

Legislative history

S.4850, 2007-08; S.1412, 2005-06; S.1793, 2003-04; S.3980, 2001-02.

Fiscal implications

None.

Local fiscal implications

None.

Effective date

This Act shall take effect on the 30th day after it shall have become a law.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.