§ 2879 — Foreclosures and judgments

New York § 2879

• Jurisdiction: New York
• Law PBH: Public Health
• Art. 28-B: Hospital Mortgage Loan Construction

Text

§ 2879. Foreclosures and judgments. 1. In any foreclosure action the\ncommissioner shall be made a party defendant. He shall take all steps\nnecessary to protect the interests of the public therein and no costs\nshall be awarded against him. Foreclosures shall not be decreed unless\nthe court to which application is made shall be satisfied that the\ninterests of the lienholder or holders cannot be adequately assured\nexcept by the sale of the property. In any such proceeding, the court\nshall be authorized to appoint the commissioner as receiver of the\nproperty, or to grant such other and further relief as may be reasonable\nand proper.\n 2. Notwithstanding the foregoing provisions of this section, wherever\nit shall appear that the agency shall have loaned on a mortgage which is\na lien upon any such property, such 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 3. In the event of a judgment against an eligible borrower in any\naction not pertaining to the collection of a mortgage indebtedness,\nthere shall be no sale of any of the real property of such eligible\nborrower except upon sixty days' written notice to the commissioner and\nthe agency. Upon receipt of such notice the commissioner and the agency\nshall take such steps as in its judgment may be necessary to protect the\nrights of all parties.\n