Laws of New York (Last Updated: November 21, 2014) |
RPA Real Property Actions and Proceedings |
Article 14. FORECLOSURE OF MORTGAGE BY POWER OF SALE |
Section 1416. Multiple collateral; designation of order of sale of parcels
Latest version.
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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 * NB Repealed July 1, 2009