§ 1353 — Conveyance

§ 1353. Conveyance. 1. After the property has been sold, the officer\nconducting the sale shall execute a deed to the purchaser. The\nplaintiff, or any other party, may become a purchaser. If the plaintiff\n(or its affiliate, as defined in paragraph (a) of subdivision one of\nsection six-l of the banking law) is the purchaser, such party shall\nplace the property back on the market for sale or other occupancy: (a)\nwithin one hundred eighty days of the execution of the deed of sale, or\n(b) within ninety days of completion of construction, renovation, or\nrehabilitation of the property, provided that such construction,\nrenovation, or rehabilitation proceeded diligently to completion,\nwhichever comes first, provided however, a court of competent\njurisdiction may grant an extension for good cause.\n 2. Before a deed is executed to the purchaser, the plaintiff shall\nfile the mortgage and any assignment not shown to have been lost or\ndestroyed in the office of the clerk, unless it is in a form which can\nbe recorded; in which case it shall be recorded in the counties where\nthe lands are situated; the expense of filing or recording and entry\nshall be allowed in the taxation of costs; and, if filed with the clerk,\nhe shall enter in the minutes the time of filing.\n 3. The conveyance vests in the purchaser the same estate only that\nwould have vested in the mortgagee if the equity of redemption had been\nforeclosed. Such a conveyance is as valid as if it were executed by the\nmortgagor and mortgagee, and, except as provided in section 1315 and\nsubdivision 2 of section 1341, is an entire bar against each of them and\nagainst each party to the action who was duly summoned and every person\nclaiming from, through or under a party by title accruing after the\nfiling of the notice of the pendency of the action.\n