New York S06363 requires mortgagees to accept and apply payments.
New York S06363 amends the real property law and the real property actions and proceedings law. It mandates that mortgagees accept and apply payments received in reliance on a payoff statement to the unpaid principal, interest, or any other amounts due under the mortgage. The bill also outlines procedures for recording assignments of mortgages and the consequences for mortgagees who fail to present a certificate of discharge for recording.
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