New York A02739 requires mortgagees to accept and apply payments as specified.
New York A02739 amends the real property law to mandate that mortgagees must accept and apply payments received in the manner specified by them. The bill ensures that mortgagees cannot return or destroy any payment received in reliance on a payoff statement. It requires mortgagees to promptly apply such payments to the unpaid principal, interest, or any other amounts due under the mortgage. The act also outlines penalties for mortgagees who fail to present a certificate of discharge for recording within specified timeframes.
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