2005 Bill Text NY S.B. 48
THE STATE OF NEW YORK
BILL TEXT
Copyright © 2005 by State Net(R), All Rights Reserved.
2005 NY S.B. 48
NEW YORK 228TH ANNUAL LEGISLATIVE SESSION
SENATE BILL 48
STATE OF NEW YORK
48--B
CAL. NO. 592
2005-2006 REGULAR SESSIONS
IN SENATE
(PREFILED)
JANUARY 5, 2005
INTRODUCED BY SENS. DEFRANCISCO, BONACIC, FARLEY, MEIER, RATH -- READ TWICE
AND ORDERED PRINTED, AND WHEN PRINTED TO BE COMMITTED TO THE COMMITTEE ON
JUDICIARY -- REPORTED FAVORABLY FROM SAID COMMITTEE, ORDERED TO FIRST AND
SECOND REPORT, ORDERED TO A THIRD READING, AMENDED AND ORDERED REPRINTED,
RETAINING ITS PLACE IN THE ORDER OF THIRD READING -- AGAIN AMENDED AND
ORDERED REPRINTED, RETAINING ITS PLACE IN THE ORDER OF THIRD READING
BILL TRACKING REPORT: 2005 Bill Tracking NY S.B. 48
2005 Bill Text NY S.B. 48
VERSION: Enacted
VERSION-DATE: August 9, 2005
SYNOPSIS: AN ACT to amend the real property law and the real property actions and proceedings law, in relation to the discharge of a certificate of mortgage and enacts a penalty for failure to forward copy to mortgagor
NOTICE:
[A> UPPERCASE TEXT WITHIN THESE SYMBOLS IS ADDED <A]
[D> Text within these symbols is deleted <D]
TEXT: THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 275 of the real property law, as amended by chapter 748 of the laws of 1990, is amended to read as follows:
1. Whenever a mortgage upon real property is due and payable, and the full amount of principal and interest due on the mortgage is paid, a certificate of discharge of mortgage shall be given to the mortgagor or person designated by him [A> OR HER, <A] signed by the person or persons specified in section three hundred twenty-one of this chapter. The person signing the certificate shall, within thirty days thereafter, arrange to have the certificate presented for recording to the recording officer of the county where the mortgage is recorded. [A> FAILURE BY A MORTGAGEE TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF FIVE HUNDRED DOLLARS IF HE OR SHE FAILS TO PRESENT SUCH CERTIFICATE WITHIN THIRTY DAYS, SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF ONE THOUSAND DOLLARS IF HE OR SHE FAILS TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING WITHIN SIXTY DAYS AND SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF ONE THOUSAND FIVE HUNDRED DOLLARS IF HE OR SHE FAILS TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING WITHIN NINETY DAYS. FOR THE PURPOSES OF SUCH LIABILITY UNDER THIS SUBDIVISION, THE TERM "MORTGAGEE" SHALL NOT INCLUDE A PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH MAKES LESS THAN FIVE MORTGAGE LOANS IN ANY CALENDAR YEAR. <A] The provisions of this section shall not apply to any mortgage granted to or made by the state of New York, or any agency or instrumentality thereof or any political subdivision of the state or any agency or instrumentality thereof.
Section 2. Subdivision 1 of section 1921 of the real property actions and proceedings law, as amended by chapter 132 of the laws of 1993, is amended to read as follows:
1. After payment of authorized principal, interest and any other amounts due thereunder or otherwise owed by law has actually been made, and in the case of a credit line mortgage as defined in section two hundred eighty-one of the real property law on written request, a mortgagee of real property situate in this state, unless otherwise requested in writing by the mortgagor or the assignee of such mortgage, must execute and acknowledge before a proper officer, in like manner as to entitle a conveyance to be recorded, a satisfaction of mortgage, and thereupon within [D> forty-five <D] [A> THIRTY <A] days arrange to have the satisfaction of mortgage: (a) presented for recording to the recording officer of the county where the mortgage is recorded, or (b) if so requested by the mortgagor or the mortgagor's designee, to the mortgagor or the mortgagor's designee. [A> FAILURE BY A MORTGAGEE TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF FIVE HUNDRED DOLLARS IF HE OR SHE FAILS TO PRESENT SUCH CERTIFICATE WITHIN THIRTY DAYS, SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF ONE THOUSAND DOLLARS IF HE OR SHE FAILS TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING WITHIN SIXTY DAYS OR SHALL RESULT IN THE MORTGAGEE BEING LIABLE TO THE MORTGAGOR IN THE AMOUNT OF ONE THOUSAND FIVE HUNDRED DOLLARS IF HE OR SHE FAILS TO PRESENT A CERTIFICATE OF DISCHARGE FOR RECORDING WITHIN NINETY DAYS. FOR THE PURPOSES OF SUCH LIABILITY UNDER THIS SUBDIVISION, THE TERM "MORTGAGEE" SHALL NOT INCLUDE A PERSON, PARTNERSHIP, ASSOCIATION, CORPORATION OR OTHER ENTITY WHICH MAKES LESS THAN FIVE MORTGAGE LOANS IN ANY CALENDAR YEAR. <A] The mortgagee shall within forty-five days deliver the note and the mortgage and where a title is registered under article twelve of the real property law, the registration copy of the mortgage and any registration certificates in the mortgagee's possession to the mortgagor or the mortgagor's designee making such payment and request if required as aforesaid. Delivery of a satisfaction of mortgage in accordance with the terms of section two hundred seventy-five of the real property law shall be deemed to satisfy the requirements of this section regarding the satisfaction of mortgage.
Section 3. This act shall take effect on the ninetieth day after it shall have become a law.
SPONSOR:
DeFrancisco
SUBJECT: REAL ESTATE(95%);LEGISLATION(90%);MORTGAGE LOANS(90%);
LOAD-DATE: August 11, 2005