Establishes a rebuttable presumption that a purchaser or incumbrancer has notice of fraud or fraudulent intent in certain real property transactions.

This bill amends the real property law to establish a rebuttable presumption that a purchaser or incumbrancer has notice of fraud or fraudulent intent in certain real property transactions. This presumption applies when the transaction involves mortgaged real property between associated parties. The presumption can be overcome by an acceptable affidavit or testimony from the purchaser. The bill also amends the civil practice law and rules to clarify the conditions under which a notice of pendency can be filed and the circumstances under which it must be cancelled.

Establishes a rebuttable presumption that a purchaser or incumbrancer has notice of fraud or fraudulent intent in certain real property transactions.

This bill amends the real property law to establish a rebuttable presumption that a purchaser or incumbrancer has notice of fraud or fraudulent intent in certain real property transactions. This presumption applies when the transaction involves mortgaged real property between associated parties. The presumption can be overcome by an acceptable affidavit or testimony from the purchaser. The bill also amends the civil practice law and rules to clarify the conditions under which a notice of pendency can be filed and the circumstances under which it must be cancelled.