N.Y.
Real Property Actions & Proceedings Law Section 1932
Discharge of record of ancient mortgage where time of maturity is dependent on contingent event related to use of premises
1.
The lien of every mortgage or conveyance of real estate in this state given as security for the payment of money, recorded more than seventy-five years ago, where the time of maturity thereof is dependent solely upon the occurrence of a contingent event relating to use of the mortgaged premises for religious purposes, and where the reason for such use no longer applies to the mortgaged premises because of changes in the type of neighborhood in which the premises are situated, may be discharged of record by judgment of the supreme court in the county where the mortgaged premises are situated, or of the county court of such county, in the manner provided in this section.2.
The court, upon presentation of a petition, together with an official search of the recording officer in whose office the mortgage is recorded or a search prepared by a person duly licensed and admitted to practice law in this state or by a title company duly incorporated and authorized to transact business in this state showing such recordation and assignments of record, if any, the petition showing such contingent event relating to the use of the mortgaged premises for religious purposes and that the reason for such use no longer applies to the mortgaged premises because of changes in the type of neighborhood in which the mortgaged premises are situated, and showing that the petitioner has made reasonable effort to locate the mortgagee or other person or persons authorized to execute and deliver a satisfaction of such mortgage or conveyance but has been unable to do so after the exercise of reasonable diligence, shall make an order requiring all persons interested to show cause at a certain time and place, why such mortgage should not be discharged of record. Such order to show cause and the publication and service thereof shall comply with the requirements of § 1931 (Discharge of record of ancient mortgages presumed paid)section 1931 of this chapter, and the proceedings on the return of such order to show cause shall comply with the requirements of § 1931 (Discharge of record of ancient mortgages presumed paid)section 1931 of this chapter except as to the allegation of payment and evidence to rebut the presumption thereof.3.
Any judgment of the court thereon discharging the mortgage of record shall be made only upon proof of such contingent event relating to use of the mortgaged premises for religious purposes, and of the changes in the type of neighborhood in which the mortgaged premises are situated, showing that the reason for such use no longer applies to the mortgaged premises, and upon proof of the other matters alleged in the petition; and any such judgment shall be made without prejudice to the right, if any, of the mortgagee, his representatives or assigns or other person or persons to receive or collect the mortgage debt in any action or proceeding not affecting such mortgaged premises.
Source:
Section 1932 — Discharge of record of ancient mortgage where time of maturity is dependent on contingent event related to use of premises, https://www.nysenate.gov/legislation/laws/RPA/1932 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
