Loading chat...
NY A08156
Bill
Status
9/29/2016
Primary Sponsor
Crystal Peoples-Stokes
Click for details
AI Summary
-
Amends the not-for-profit corporation law to allow land banks to assign rights acquired from property purchases at public sales to the foreclosing governmental unit.
-
Permits property purchased by a land bank at a tax foreclosure sale to be deeded directly to the foreclosing governmental unit rather than requiring the land bank to hold the property.
-
Allows land banks to tender bids at public sales when no municipality bids, in an amount equal to the total municipal claims and liens that were the basis for the judgment.
-
Specifies that the land bank's successful bid payment terms must be mutually acceptable to both the plaintiff and the land bank.
Legislative Description
Provides the land bank can assign all rights resulting from the land bank's successful tender for the property to the foreclosing governmental unit; allows the property to be deeded directly to the foreclosing governmental unit.
Last Action
signed chap.341
9/29/2016