Section 1416. Multiple collateral; designation of order of sale of parcels  


Latest version.
  • Where the indebtedness is secured by more than one mortgage on
      mortgaged property consisting of more than one functionally separate and
      distinct property, unless otherwise provided in the mortgage or  in  any
      extension,  amendment  or  modification thereof or instrument amendatory
      thereto, each property shall be sold either (a) separately in the  order
      designated  by  the mortgagee (which may be on a single sale date, or on
      separate dates as provided in the notice of sale), or (b)  as  otherwise
      directed  by order of the supreme court for the county in which the sale
      is to take place, pursuant to a motion made under the  index  number  of
      the  non-judicial  proceeding  for  foreclosure  of  power  of sale. The
      mortgagee shall not schedule or  conduct  the  sale  of  the  subsequent
      property so designated until after the deficiency has been determined in
      accordance  with  section  fourteen  hundred  nineteen  of this article,
      whereupon in the event a deficiency exists, the mortgagee  may  schedule
      and  conduct the sale of the subsequent property in the order designated
      by the mortgagee unless the court orders  otherwise,  such  sale  to  be
      conducted in accordance with the provisions of this article.
        * NB Repealed July 1, 2009