N.Y. General Construction Law Section 26-B
Just compensation as including loss of mortgage financing

Notwithstanding any inconsistent provisions of law, whenever property is taken pursuant to the power of eminent domain (whether denominated condemnation, appropriation or otherwise) just compensation required by the state constitution shall include an amount sufficient to compensate for the loss of existing mortgage financing if such property was used prior to taking primarily as a residence however, such amount shall not exceed fifteen thousand dollars. In computing the amount of such loss, the following shall be considered:

(a)

the difference in the interest rate payable on the existing mortgage from that prevailing at the date of taking in the area where the property is located for new mortgage loans on similar types of property to similar borrowers;

(b)

the length of time from the date of taking to the maturity of the existing mortgage, and

(c)

the prevailing costs to similar mortgage borrowers on similar types of property at the date of taking in the area where the property is located of obtaining and closing a new mortgage loan in an amount equal to the unpaid principal balance of the existing mortgage.

Source: Section 26-B — Just compensation as including loss of mortgage financing, https://www.­nysenate.­gov/legislation/laws/GCN/26-B (updated Sep. 22, 2014; accessed Oct. 26, 2024).

10
Acknowledge and acknowledgment 11
Acknowledgment or proof of instrument 11‑A
Acquisition 11‑B
Appropriation 12
Affidavit 13
Adjournment of meeting 13‑A
Armed forces of the United States 13‑B
Board of supervisors 14
Bond and undertaking 15
Chattels 16
Choose 16‑A
Civil action 16‑B
Condemnation 17
Criminal code 18
Consolidated laws 18‑A
Criminal action 19
Day, calendar 20
Day, computation 20‑A
Distinct parcel 22
Gender 23
Heretofore and hereafter 24
Public holidays 24‑A
Closing of banking organizations on Saturday 25
Public holiday, Saturday or Sunday in contractual obligations 25‑A
Public holiday, Saturday or Sunday in statutes 25‑B
Injury to property 25‑C
Investment in bond and mortgage or note and mortgage 26
Judge 26‑A
Judgment creditor 26‑B
Just compensation as including loss of mortgage financing 27
Last, preceding, next and following 28
Mental disability, mental illness, developmental disability, addictive disorder and addiction disorder 28‑A
Mandate 28‑B
Magistrate 28‑C
Down’s syndrome 29
Men 30
Month, computation 31
Month in statute, contract and public or private instrument 32
Municipal officers 33
Notice 33‑A
Notify 34
Now 35
Number, singular and plural 36
Oath, affidavit and swear 37
Person 37‑A
Personal injury 37‑B
Population 38
Property 39
Property, personal 40
Property, real 41
Quorum and majority 41‑A
Recital in record of meeting as evidence 42
Register of county 43
Seal of court, public officer or corporation 44
Seal, private 44‑A
Seal on written instrument 45
Seal, private as corporate seal 46
Signature 47
State 47‑A
Superintendent of schools 48
Tense, present 49
Territory 50
Time, computation 51
Time, night 52
Time, standard 53
Time, use of standard 53‑A
Trial juror 54
Village 55
Women 56
Writing and written 57
Year, common and leap 58
Year in statute, contract and public or private instrument 59
Bastard 60
Newspapers 61
Date for determining last completed assessment rolls 62
Size of type
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 26-B’s source at nysenate​.gov

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