§ 75.29 — Foreclosures and judgments

New York § 75.29

• Jurisdiction: New York
• Law MHY: Mental Hygiene
• Title E: General Provisions
• Art. 75: Community Mental Health Services and Developmental Disabilities Services Companies

Text

§ 75.29 Foreclosures and judgments.\n (a) In any foreclosure action the commissioner shall be made a party\ndefendant. He shall take all steps necessary to protect the interests of\nthe public therein and no costs shall be awarded against him.\nForeclosures shall not be decreed unless the court to which application\nis made shall be satisfied that the interests of the lienholder or\nholders cannot be adequately assured except by the sale of the property.\nIn any such proceeding, the court shall be authorized to appoint the\ncommissioner as receiver of the property, or to grant such other and\nfurther relief as may be reasonable and proper.\n (b) Notwithstanding the foregoing provisions of this section, wherever\nit shall appear that the New York state housing finance agency shall\nhave loaned on a mortgage which is a first lien upon any such property,\nsuch New York state housing finance agency shall have all the remedies\navailable to a mortgagee under the laws of the state of New York, free\nfrom any restrictions contained in this section, except that the\ncommissioner shall be made a party defendant and that the commissioner\nshall take all steps necessary to protect the interests of the public\nand no costs shall be awarded against him.\n (c) In the event of a judgment against a company in any action not\npertaining to the collection of a mortgage indebtedness, there shall be\nno sale of any of the real property of such company except upon sixty\ndays' written notice to the commissioner and the New York state housing\nfinance agency. Upon receipt of such notice the commissioner and the\nagency shall take such steps as in their judgment may be necessary to\nprotect the rights of all parties.\n