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NY A11465
Bill
Status
7/1/2010
Primary Sponsor
Rory Lancman
Click for details
AI Summary
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Establishes that only the owner and holder of a mortgage and note, or their delegated agent, has standing to commence a mortgage foreclosure action in New York.
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Requires plaintiffs in foreclosure proceedings to include an affirmative allegation that they are the owner and holder of the subject mortgage and note, or have been delegated authority to institute the action.
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Mandates that every summons and complaint in a foreclosure action include copies of the original mortgage and note with all endorsements, assignments, transfers, and proof of ownership.
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Specifies that lack of standing is a defense that cannot be waived if a defendant fails to raise it in a responsive pleading or pre-answer motion to dismiss, notwithstanding Civil Practice Law and Rules.
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Takes effect immediately, except requirements for affirmative allegations and document filing take effect 90 days after the law becomes effective.
Legislative Description
Provides that only the owner and holder of a mortgage and note, or its agent, shall have standing to commence a mortgage foreclosure action; lack of standing shall be defense that may be raised at any time; requires the plaintiff in a foreclosure action to affirm that it is the holder and owner, or its designed agent, of the subject mortgage and note; the summons and complaint shall include a copy of the original mortgage and note, and all endorsements, assignments and transfers thereof, and any delegations of authority by the owner and holder of the mortgage and note.
Last Action
REFERRED TO RULES
7/1/2010