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NY S07171
Bill
Status
Introduced
4/5/2016
Primary Sponsor
Patrick Gallivan
Click for details
AI Summary
- Amends the not-for-profit corporation law section 1616 regarding land bank operations in property sales
- Allows a land bank to assign all rights resulting from a successful bid to the foreclosing governmental unit instead of taking title directly
- Permits property to be deeded directly to the foreclosing governmental unit as an alternative to the land bank receiving the deed
- Applies when a land bank tenders a bid at a public sale after no municipality bids and the land bank's bid equals the total municipal claims and liens
- Modifies existing law that previously required the land bank to take absolute title to properties purchased at foreclosure sales
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
SUBSTITUTED BY A8156B
6/17/2016
Committee Referrals
Corporations, Authorities and Commissions4/5/2016
Full Bill Text
No bill text available