New York A07546 establishes a statute of limitations for actions on subordinate bonds or notes secured by mortgages on real property.

New York A07546 amends the real property actions and proceedings law and the civil practice law and rules to set a statute of limitations for actions on subordinate bonds or notes. An action must be commenced within three years of the purchase of the bond or note or within the relevant time limit, whichever is shorter. The bill also includes provisions for the negotiation process in foreclosure proceedings, requiring both parties to negotiate in good faith.

New York A07546 establishes a statute of limitations for actions on subordinate bonds or notes secured by mortgages on real property.

New York A07546 amends the real property actions and proceedings law and the civil practice law and rules to set a statute of limitations for actions on subordinate bonds or notes. An action must be commenced within three years of the purchase of the bond or note or within the relevant time limit, whichever is shorter. The bill also includes provisions for the negotiation process in foreclosure proceedings, requiring both parties to negotiate in good faith.