Section 1403. Notice of pendency of non-judicial proceeding for foreclosure by power of sale

1. The mortgagee shall, prior to the first
  service of the notice of  intention  to  foreclose,  purchase  an  index
  number in the office of the county clerk of the county in which the sale
  is to take place and file in the clerk's office of each county where the
  mortgaged  property  is  situated  a  notice  of  the  pendency  of  the
  non-judicial proceeding for foreclosure by power of sale which shall, in
  addition to the applicable requirements of  article  sixty-five  of  the
  civil  practice  law  and  rules,  specify the date of the mortgage, the
  parties thereto, the time and place of recording, the name of the record
  owner of the mortgaged property, the names of any subordinate lienors or
  holders of subordinate interests entitled to notice  of  the  sale,  the
  object  of  the  proceeding  for foreclosure of the mortgage by power of
  sale, and a description of the mortgaged property, including the  number
  of each block and lot on the land map of the county which is affected by
  the  notice.  If the notice is filed in more than one county, the notice
  shall designate the county in which the  sale  is  to  take  place.  The
  provisions  of  article  sixty-five  of the civil practice law and rules
  requiring the service and filing of a summons shall not be applicable to
  a non-judicial proceeding for foreclosure by power of sale  pursuant  to
  this article.
    2.  The  filing  of  the  notice of pendency shall be deemed to be the
  commencement of the non-judicial proceeding for foreclosure by power  of
  sale pursuant to this article.
    3.  The  notice  of  pendency shall be effective for a period of three
  years from the date of filing. Before expiration of a period or extended
  period, the court, upon motion of the mortgagee and upon such notice  as
  the court may require, may, for good cause shown, grant an extension for
  an  additional  three year period. An extension order shall be filed and
  indexed before expiration of the notice of pendency. In  the  event  the
  sale  has  not taken place prior to the expiration of a pendency period,
  and a lapse in extending the notice of  pendency  has  occurred,  a  new
  notice  of  pendency  may  be  filed upon a court order from the supreme
  court in the county in which the sale is to take  place,  on  a  showing
  that  no  person  or entity has been prejudiced by the failure to extend
  the notice of pendency. In the event that a person or entity shall  have
  acquired,  after  the  expiration  of  a  notice  of pendency and before
  another shall be filed, an  interest  in  or  lien  upon  the  mortgaged
  property  which  is  subordinate  to the mortgage, such person or entity
  shall be entitled to notice of the sale.
    4. The filing of  the  notice  of  pendency  shall  be  deemed  to  be
  conclusive  record notice to any tenant or occupant who takes possession
  of all or a part of the mortgaged property, or any person who or  entity
  which  acquires  an  interest in or lien upon the mortgaged property, or
  any part thereof, after the filing of the notice  of  pendency  and  all
  such  persons or entities shall be bound thereby and by the non-judicial
  proceeding pursuant to this article.
    5. The provisions of section sixty-five hundred sixteen of  the  civil
  practice law and rules shall not be applicable to any notice of pendency
  filed pursuant to this section.
    * NB Repealed July 1, 2009