Section 1408. Sale; how conducted

1. The sale shall be at public auction
  by a licensed auctioneer, sheriff, marshal, or court appointed  official
  for  such purpose, during reasonable business hours, on a day other than
  Saturday, Sunday or a  public  holiday,  in  the  county  in  which  the
  mortgaged  property,  or  a part thereof, is situated, at any courthouse
  located in the county, or if in a county within the city of New York, at
  the courthouse of the supreme court in such county.
    2. If publication of the notice of sale is for four weeks,  such  sale
  shall  take place on any day on or after the twenty-eighth day and on or
  before the thirty-fifth day after the day of the first publication;  and
  if  publication of the notice of sale is for five weeks, such sale shall
  take place on any day on or after the thirty-fifth day and on or  before
  the  forty-second day after the day of the first publication. Any period
  of seven successive days shall constitute a week under this section.
    3. The person conducting the sale shall announce the terms thereof  at
  the  outset  of  the  auction. A copy of the terms of sale shall be made
  available by the mortgagee or person conducting the  sale  at  or  prior
  thereto.
    4.  On  acceptance  of  a  bid at the sale, the bidder, other than the
  mortgagee, shall deposit with the person conducting the  sale  at  least
  ten  percent  of  the bid price in cash, certified check or a bank check
  drawn on a bank,  trust  company,  savings  bank  or  savings  and  loan
  association  having  offices  in  this  state. A memorandum of the sale,
  which shall incorporate the terms of the sale, shall be executed by  the
  person  conducting the sale and the successful bidder thereat, including
  the foreclosing mortgagee. The memorandum shall state  the  identity  of
  the  purchaser,  the  amount  of  the  successful bid, the amount of the
  deposit (which, pending the conveyance of title, shall  be  retained  by
  the  person  conducting  the  sale in a separate account in a commercial
  bank or savings bank located in the state of New York), the  date,  time
  and  place  of  closing  of  title  and  that  the terms of the sale are
  incorporated therein. The memorandum of sale shall  not  be  amended  or
  modified.
    5.  If  the successful bidder fails to make the deposit on acceptance,
  or to complete the transaction within thirty days after acceptance,  the
  mortgagee may resell the mortgaged property. The bidder's deposit may be
  retained  or recovered by the mortgagee as liquidated damages regardless
  of the amount bid and paid on the resale of the mortgaged property.
    6. If the mortgaged property consists of two or more distinct parcels,
  they shall be sold separately in the order specified in  the  notice  of
  sale  unless  otherwise  provided  in  the  mortgage  or  any instrument
  extending, amending or modifying the mortgage. As many  of  the  parcels
  shall  be sold as it is necessary to sell in order to satisfy the amount
  due at the time of the sale, and  the  costs  and  expenses  allowed  by
  section  fourteen  hundred  seventeen of this article. Where two or more
  buildings are situated in the same city lot or local tax lot, they shall
  be sold together.
    * NB Repealed July 1, 2009