Bill Text: NY S00882 | 2019-2020 | General Assembly | Introduced


Bill Title: Directs the court to provide notice to the former owners of foreclosed property of the right to file a claim for the excess funds from the sale of the real property.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-03-19 - RECOMMIT, ENACTING CLAUSE STRICKEN [S00882 Detail]

Download: New_York-2019-S00882-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                           882
                               2019-2020 Regular Sessions
                    IN SENATE
                                     January 9, 2019
                                       ___________
        Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        AN  ACT  to  amend the real property actions and proceedings law and the
          real property tax law, in relation to requiring the court in  a  fore-
          closure action to provide notice to the former owner of the real prop-
          erty  of  the  right to apply for surplus moneys from the sale of such
          property
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section 1354 of the real property actions and proceedings
     2  law is amended by adding a new subdivision 5 to read as follows:
     3    5. The court shall provide notice to the former owner or owners of the
     4  foreclosed real property of the existence of  surplus  moneys  resulting
     5  from  the  sale and their right to file a written notice of claim to all
     6  or a portion of such  proceeds  pursuant  to  section  thirteen  hundred
     7  sixty-one of this article.
     8    §  2. Section 1136 of the real property tax law is amended by adding a
     9  new subdivision 4 to read as follows:
    10    4. Notice to former owners. In the event the court directs the sale of
    11  real property pursuant to this section, the court shall  provide  notice
    12  to  the  former  owner  or  owners  of the foreclosed real property that
    13  ownership of such property has been transferred to a municipality  or  a
    14  tax  district,  that  after  the  sale thereof there is a potential that
    15  surplus moneys may result from the sale  and  in  the  event  a  surplus
    16  results,  such  owner  or  owners  shall  have a right to file a written
    17  notice of claim to all or a portion of such proceeds pursuant to section
    18  thirteen hundred sixty-one of the real property actions and  proceedings
    19  law.
    20    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04125-01-9
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