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Sponsors
2 Co-sponsors
History
- Referred to judiciary
- Referred to judiciary
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3677
Title of bill
An act to amend the real property law, in relation to requiring that all assignments of a mortgage be listed on the discharge of such mortgage regardless of whether such assignments have been recorded
Purpose
To ensure that prospective homeowners and borrowers are able to ascertain the identity of each assignee in any chain of title.
Summary of provisions
Section 1 amends subdivision (3) of section 321 of the real property law to require that all assignments of a mortgage, recorded or otherwise, be included on said mortgage's certificate of discharge.
Existing law
Section 321 of the real property law pertains to certificates of discharge for mortgages. Subdivision (3) of that section details the manner in which the assignment of a mortgage appears on such certificates.
Justification
On December 19, 2006, the New York State Court of Appeals issued a decision wherein the majority opinion specifically observed that § 321 (3) of the real property law "does not call for unrecorded assignments to be listed on a certificate of discharge" (MERSCORP. Inc. v Romaine, 8 NY3d 90, 98 2006). In a dissenting opinion, Chief Judge Kaye concluded otherwise, stating, "plainly, the statute requires all assignments of a mortgage to be listed on the certificate of discharge, whether recorded or not" (id. at 102; emphasis in original). This legislation is intended to avoid future conflicts in statutory interpretation.
Furthermore, the ability of a homeowner, prospective homeowner, purchaser or borrower to accurately ascertain the identity of any entity with an interest in his or her property is exactly what the Recording Act was originally intended to ensure. In addition to serving that end, this legislation likewise ensures that the pertinent information available to the public is as comprehensive as possible.
Legislative history
S.4945 of 2007-2008
Fiscal implications
To be determined.
Local fiscal implications
To be determined.
Effective date
This act shall take effect on the thirtieth day after
it shall have become a law, and shall apply to certificates of discharge recorded on or after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.