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NY A01000
Bill
Status
1/9/2013
Primary Sponsor
Helene Weinstein
Click for details
AI Summary
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Only the owner and holder of a mortgage and note, or their authorized agent, may commence a foreclosure action on a home loan.
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Lack of standing is a defense that cannot be waived and may be raised at any time before the judgment of foreclosure and sale, notwithstanding standard civil procedure rules.
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Plaintiffs must affirmatively allege in the summons and complaint that they are the owner and holder of the mortgage and note, or have been delegated authority to institute the foreclosure action.
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Plaintiffs must file with the summons and complaint a copy of the original mortgage and note, proof of ownership including all endorsements and assignments, and proof of any delegation of authority.
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The court must make an affirmative finding of standing that must be included in any judgment of foreclosure and sale; if original documents are lost, plaintiffs must comply with applicable law including the Uniform Commercial Code to establish enforcement rights.
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 prior to the judgment of foreclosure and sale; requires the plaintiff in a foreclosure action to affirm that the plaintiff is the holder and owner, or its designed agent, of the subject mortgage and note; provides that 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
enacting clause stricken
10/22/2014