Laws of New York (Last Updated: November 21, 2014)

Section 249. Covenants in mortgages

Latest version.

A mortgage of real property does not
  imply a covenant for the payment of the sum intended to be secured;  and
  where such covenant is not expressed in the mortgage, or a bond or other
  separate  instrument  to  secure  such  payment  has not been given, the
  remedies of the mortgagee are confined to the property mentioned in  the
  mortgage.

                    
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