NY A06161

Amends Real Property Actions and Proceedings Law Section 1972 to allow mortgagees or lienors to avoid abandonment proceedings by either commencing foreclosure with a court-appointed receiver or taking possession of the property within 15 days of notice.

Requires that a receiver appointed through foreclosure or a mortgagee/lienor in possession must bring the building into compliance with applicable law within 90 days of appointment or taking possession, or within a longer period if agreed upon with the department.

Permits the department to institute abandonment proceedings if the receiver application is denied, the receiver fails to achieve compliance within the 90-day timeframe, or the mortgagee/lienor in possession fails to bring the building into compliance.

Takes effect 120 days after becoming law and applies only to abandonment proceedings commenced on or after the effective date.