Provides that the judgment of sale in a mortgage foreclosure action shall direct that payment by the purchaser be made by means of a bank officer's check

BILL NUMBER:S5203

Title of bill

An act to amend the real property actions and proceedings law, in relation to the payment by bank check or certified check of the purchase price at a mortgage foreclosure sale

Purpose

To require the payment of the purchase price at a mortgage foreclosure sale by bank or credit union check or certified check.

Summary of provisions

This bill (the "Bill") amends subdivision 1 of section 1351 of the Real Actions and Proceedings Law (the "RPAPL") to require the purchaser of real property a foreclosure sale to make payment by either bank check or certified check.

Existing law

Currently, the RPAPL does not require the purchaser of real property a foreclosure sale to make payment by either bank or credit union check or certified check

Justification

Customarily, the terms of sale will dictate the form of payment for a purchaser of real property a foreclosure sale. Often a bank or credit union check or certified check is required by the terms. This bill would simply codify this existing practice.

Legislative history

2013-14 S.348; 2011-12 S.3149; 2009-10 S 1770; S.4851, 2007-08; S.1413, 2005-06; S.1846, 2003-04; S.3961, 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.