New York S06971 amends the real property actions and proceedings law to establish a statute of limitations for actions on subordinate bonds or notes.

New York S06971 amends the real property actions and proceedings law to set a statute of limitations for actions on subordinate bonds or notes secured by mortgages. It requires plaintiffs to affirmatively allege certain details in their complaints, such as the date and amount paid for the loan. The bill also mandates that the attorney for the plaintiff certify that they have reviewed pertinent documents and that the plaintiff has maintained a payment history for the subject loan.

New York S06971 amends the real property actions and proceedings law to establish a statute of limitations for actions on subordinate bonds or notes.

New York S06971 amends the real property actions and proceedings law to set a statute of limitations for actions on subordinate bonds or notes secured by mortgages. It requires plaintiffs to affirmatively allege certain details in their complaints, such as the date and amount paid for the loan. The bill also mandates that the attorney for the plaintiff certify that they have reviewed pertinent documents and that the plaintiff has maintained a payment history for the subject loan.