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NY S08174
Bill
Status
6/14/2010
Primary Sponsor
Jeffrey Klein
Click for details
AI Summary
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Only the owner and holder of a mortgage and note, or an authorized agent delegated by the owner and holder, may commence a mortgage foreclosure action under this article.
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Lack of standing in a foreclosure proceeding cannot be waived if a defendant fails to raise the defense in a responsive pleading or pre-answer motion to dismiss, notwithstanding standard civil procedure rules.
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Every summons and complaint in a foreclosure action must include an affirmative allegation that the plaintiff is the owner and holder of the mortgage and note, or has been delegated authority to institute the action, and that the plaintiff possesses and controls the original mortgage and note.
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A copy of the original mortgage and note with all original endorsements, assignments, and transfers, plus proof of any delegation of authority from the owner and holder, must be filed with every summons and complaint in a foreclosure action.
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The provisions regarding standing and documentation requirements take effect immediately for high-cost and subprime home loans, and ninety days after enactment for all other foreclosure actions.
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
ORDERED TO THIRD READING CAL.1396
6/30/2010