dliu1/legal-llama-raw-text huggingface dataset:
mortgage specified may remain mortgaged to the party of the  first  part
as heretofore,
To  have  and  to  hold  the  lands  and  premises hereby released and
quitclaimed to the party of the second part, ............  and  assigns,
to  ..........  and  their  own  proper use, benefit and behoof forever,
free, clear and discharged of and from all lien and claim under  and  by
virtue of the indenture of mortgage aforesaid.
In  witness whereof, the party of the first part has signed and sealed
these presents the day and year first above written.
SCHEDULE R.
SATISFACTION OF MORTGAGE.
Statutory Form L.
Know  all men by these presents, that ....... do hereby certify that a
certain indenture of mortgage, bearing date the ....... day of ........,
nineteen hundred and ..........., made and executed by  ...........,  to
secure  payment of the principal sum of .......... dollars and interest,
and duly recorded in the office of the ............  of  the  county  of
.............,  in liber ....... of mortgages, of section ........, page
......,  on  the  .......  day  of  ...........,  nineteen  hundred  and
...........,  is paid, and do hereby consent that the same be discharged
of record.
Dated the ....... day of ........, nineteen hundred and ..........
§  259-c.  Provision  in lease of real property for waiver of trial by
jury in actions for personal injury or property damage. Any provision in
a lease, executed after the effective date of this act, that a trial  by
jury  is  waived  in  any  action, proceeding or counterclaim brought by
either of the parties thereto  against  the  other  in  any  action  for
personal injury or property damage, is null and void.
§  260.  Lands  adversely held may be conveyed or mortgaged. No grant,
conveyance or mortgage of real property or  interest  therein  shall  be
void  for  the reason that at the time of the delivery thereof such real
property is in the actual possession of a person claiming under a  title
adverse to that of the grantor.
§  261.  Maintenance  of  telegraph  or other electric wires raises no
presumption of grant. Whenever any wire or cable used for any telegraph,
telephone, electric light or other electric purpose, or for the  purpose
of  communication  otherwise than by the aid of electricity, is or shall
be attached to, or does or shall extend upon or  over  any  building  or
land,  no  lapse of time whatever shall raise a presumption of any grant
of, or justify a prescription of any perpetual right to, such attachment
or extension.
§ 265. Fraudulent intent, question of fact. The question of fraudulent
intent  in a case arising under this article, shall be deemed a question
of fact and not of law; and a conveyance or charge shall not be adjudged
fraudulent as against creditors, purchasers or incumbrancers, solely  on
the ground that it was not founded on a valuable consideration.
§  265-a.  Home  equity theft prevention. 1. (a) The legislature finds
and declares that homeowners who are in default on their mortgages or in
foreclosure may be vulnerable to fraud, deception, and unfair dealing by
home equity purchasers. The  recent  rapid  escalation  of  home  values
throughout  urban and rural areas has resulted in a significant increase
in home equity, which constitutes the greatest financial asset  held  by
many  homeowners  of  this  state.  During  the  time period between the
default on  the  mortgage  and  the  scheduled  foreclosure  sale  date,
homeowners   in   financial  distress,  especially  poor,  elderly,  and
financially unsophisticated homeowners,  are  vulnerable  to  aggressive
equity  purchasers  who  induce  homeowners  to sell their homes for a
small fraction of their fair market values, or in some cases  even  sign
away  their  homes,  through the use of schemes which often involve oral
and  written  misrepresentations,  deceit,   intimidation,   and   other
unreasonable commercial practices.
(b)  The  legislature  declares  that  it is the express policy of the
state to preserve and guard the precious asset of home equity,  and  the
social as well as the economic value of homeownership.
(c)  The  legislature  further finds that equity purchasers may have a
significant impact upon the economy and well-being of this state and its
local communities, and therefore the  provisions  of  this  section  are
necessary to promote the public welfare.
(d) The intent and purposes of this section are to provide a homeowner
with  information necessary to make an informed and intelligent decision
regarding the sale  or  transfer  of  his  or  her  home  to  an  equity
purchaser;  to require that the sales agreement be expressed in writing;
to safeguard equity sellers against deceit and  financial  hardship;  to
ensure,  foster  and  encourage fair dealing in the sale and purchase of
homes in foreclosure or default; to prohibit representations  that  tend
to  mislead; to prohibit or restrict unfair contract terms; to provide a
cooling off period for equity sellers who enter into covered  contracts;
to  afford  equity  sellers  a  reasonable and meaningful opportunity to
rescind sales to equity purchasers; and to  preserve  and  protect  home
equity for the homeowners of this state.
2. The following definitions shall apply to this section:
(a)  Bona  fide  purchaser  or  encumbrancer  for value means anyone
acting in good faith who purchases the residential  real  property  from
the  equity  purchaser for valuable consideration or provides the equity
purchaser with a mortgage or provides a subsequent bona  fide  purchaser
with  a  mortgage,  provided  that he or she had no notice of the equity
seller's continuing right to, or equity in, the property  prior  to  the
acquisition of title or encumbrance, or of any violation of this section
by the equity purchaser as related to the subject property.
(b)  Business day means any calendar day except Sunday or the public
holidays as set forth in section twenty-four of the general construction
(c) Covered contract means any contract, agreement, or  arrangement,
or  any  term  thereof,  between  an  equity purchaser and equity seller
(i) is incident to the sale of a residence in foreclosure; or
(ii) is incident to the sale of a residence in foreclosure or  default
where  such  contract,  agreement or arrangement includes a reconveyance
arrangement; or
(iii) is incident to the sale of a residence that  is  the  collateral
for  a distressed home loan as defined in paragraph (d) of subdivision
one of section two hundred sixty-five-b of this article.
For purposes of this  section,  any  reference  to  the  sale  of  a
residence  by  an  equity  seller to an equity purchaser shall include a
transaction where an  equity  seller  receives  consideration  from  the
equity purchaser, and a transaction involving a transfer of title to the
equity  purchaser  where  no  consideration  is  provided  to the equity
seller.
(d)  Default  means  that  the  equity  seller is two months or more
behind in his or her mortgage payments.
(e) Equity purchaser means any person who or entity  which  acquires
title  to any residence in foreclosure or, where applicable, default, or
the  representative  of  such  person  or  entity  as  defined  in  this
subdivision, except a person who acquires such title as follows:
(i)  to  use,  and  who  uses,  such  property  as  his or her primary
residence;
(ii) by a deed from a referee in a foreclosure sale conducted pursuant
to article thirteen of the real property actions and proceedings law;
(iii) at any sale of property authorized by statute;
(iv) by order or judgment of any court;
(v) from a spouse, or from a parent, grandparent, child, grandchild or
sibling of such person or such person's spouse;
(vi) as a not-for-profit housing organization or as a  public  housing
agency; or
(vii) a bona fide purchaser or encumbrancer for value.
(f)  Equity seller means a natural person who is a property owner or
homeowner at the time of the equity sale.
* (g) Foreclosure means that there is an active lis pendens filed in
court pursuant to article thirteen of  the  real  property  actions  and
proceedings law against the subject property, or the subject property is
on an active property tax lien sale list.
* NB Effective until December 14, 2023
* (g)  Foreclosure  means that there is an active notice of pendency
filed in court pursuant to article thirteen of the real property actions
and proceedings law, or a foreclosure action pursuant to article  eleven
or  thirteen  of  the real property actions and proceedings law has been
commenced against the subject  property,  or  an  action  to  enforce  a
mortgage  note has been commenced against the borrower whose property is
secured by a mortgage loan, or the subject  property  is  on  an  active
property tax or utility lien sale list.
* NB Effective December 14, 2023
(h)  Property  owner  or  homeowner  means any or all record title
owners of  the  residential  real  property  in  foreclosure  or,  where
applicable, default at the time of the equity sale.
(i) Reconveyance arrangement means:
(i)  the  transfer  of title to residential real property by an equity
seller who is in default or foreclosure, either by transfer of  interest
from  an  equity  seller  to  an  equity  purchaser  or by creation of a
mortgage or other lien or encumbrance during  the  time  of  default  or
foreclosure  that  allows  the  equity  purchaser  to  obtain  legal  or
equitable title to all or part of the property, and
(ii) the subsequent conveyance, or promise of a subsequent conveyance,
of an interest back to the equity seller by the  equity  purchaser  that
allows  the  equity  seller  to regain possession of the property, which
interest shall include but not  be  limited  to  a  purchase  agreement,
option to purchase, or lease.
(j)  Representative  means  a  person  who  in  any manner solicits,
induces, arranges, or causes any equity  seller  to  transfer  title  or
solicits any member of the equity seller's family or household to induce
or  cause  any  equity  seller  to  transfer  title  to the residence in
foreclosure or, where applicable, default to the equity purchaser.
(k) Residence and residential real property means residential real
property consisting of one- to four-family dwelling units, one of  which
the  equity  seller  occupies or occupied at a time immediately prior to
the equity sale as his or her primary residence.
3.  Every covered contract and notice of cancellation attached thereto
shall be written in letters of a size equal  to  at  least  twelve-point
bold  type,  in English or in both English and Spanish if Spanish is the
primary language of the equity seller, and shall be fully completed  and
signed  and  dated  by  the  equity  seller  and  equity  purchaser. Any
instrument of conveyance shall become effective no sooner than  midnight
of  the  fifth business day after the date on which the covered contract
is executed.
4. All covered contracts shall contain the  entire  agreement  of  the
parties and shall include, but not be limited to, the following terms:
(a) The name, business address, and the telephone number of the equity
purchaser;
(b)  The address of the residence in foreclosure or, where applicable,
default;
(c) The total consideration to be given by  the  equity  purchaser  in
connection with or incident to the sale;
(d)   A  complete  description  of  the  terms  of  payment  or  other
consideration including, but not limited to, any services of any  nature
which  the  equity  purchaser  represents he or she will perform for the
equity seller before or after the sale;
(e) The time, if any, at which physical possession of the residence is
to be transferred to the equity purchaser and the residence  vacated  by
the equity seller;
(f) The terms of any rental or lease agreement;
(g) The terms of any reconveyance arrangement;
(h)  A  notice  of  cancellation  as  provided  in  paragraph  (a)  of
subdivision six of this section; and
(i) The following notice shall appear on  the  contract  in  immediate
proximity  to  the  space reserved for the equity seller's signature and
shall be in at least fourteen-point bold type if the covered contract is
printed or in capital letters if the  covered  contract  is  typed.  The
notice  must  contain  the name of the equity purchaser and the date and
time by which the covered contract must be cancelled. The  notice  shall
be completed by the equity purchaser:
NOTICE REQUIRED BY NEW YORK LAW
You   may   cancel   this  contract  at  any  time  before  midnight  of
(Date)
(Name of Equity Purchaser)
or anyone working for ____________________________ CANNOT ask you to
sign or have you sign any deed or any other document until your right to
cancel this contract has ended.   See attached  notice  of  cancellation
form  for  an  explanation  of  this right. You should always consult an
attorney or community organization before signing  any  legal  documents
concerning  your  home. It is advisable that you find your own attorney,
and not consult with an attorney who has been provided  to  you  by  the
purchaser.  The  law  requires  that  this  contract  contain the entire
agreement. You should not rely upon any other written or oral  agreement
or promise.
The  equity  purchaser  shall  accurately  enter the date on which the
right to cancel ends. The covered  contract  required  by  this  section
shall  survive delivery of any instrument of conveyance of the residence
in foreclosure or, where applicable, default, and shall have  no  effect
on persons other than the parties to the covered contract.
5. (a) In addition to the right of rescission described in subdivision
eight  of  this  section,  the equity seller has the right to cancel any
covered  contract  with  an  equity  purchaser  until  midnight  of  the
fourteenth business day following the day on which the equity seller and
equity  purchaser  sign  a  covered  contract  that  complies  with this
(b) Cancellation occurs when the equity seller, or a representative of
the equity seller, personally delivers written notice of cancellation to
the address specified in the covered contract  or  sends  a  letter  via
facsimile  or  other means of written communication, United States mail,
or through an established commercial letter delivery service, indicating
cancellation to the business address of the equity purchaser  listed  on
the  covered  contract.  Proof of facsimile delivery or proof of mailing
creates  a  presumption  that  the  notice  of  cancellation  has   been
delivered.
(c)  A  notice  of cancellation given by the equity seller pursuant to
paragraph (a) of this subdivision need not take the particular  form  as
provided  with the covered contract and, however expressed, is effective
if it indicates the intention of the equity seller not to  be  bound  by
the covered contract.
(d)  Within  ten  days  following  receipt of a notice of cancellation
given in accordance with this subdivision, the  equity  purchaser  shall
return  without  condition  any  original covered contract and any other
documents signed by the equity seller  as  well  as  any  fee  or  other
consideration  received  by the equity purchaser from the equity seller.
Cancellation of the contract shall release  the  equity  seller  of  all
obligations to pay fees to the equity purchaser.
6.  (a)  The covered contract shall be accompanied by a form completed
by the equity purchaser in duplicate, captioned notice of cancellation
in at least twelve-point bold type if the covered contract is printed or
in capital letters if the covered contract is typed. This form shall  be
attached  to the covered contract, shall be easily detachable, and shall
contain in type of at least twelve-point  if  the  covered  contract  is
printed  or  in  capital  letters  if the covered contract is typed, the
following statement written in the same language as used in the  covered
contract:
NOTICE OF CANCELLATION
This contract was entered into on ____________________________________
(Enter date covered contract signed)
You  may  cancel  this  contract for the sale of your house, without any
penalty   or   obligation,   at   any   time    before    midnight    of
___________________________. (Enter date)
To  cancel  this transaction, personally deliver a signed and dated copy
of this cancellation notice, or send  it  by  facsimile,  United  States
mail,  or  an established commercial letter delivery service, indicating
cancellation to ____________________________________________________, at
(Name of purchaser) ___________________________________
(Street address of purchaser's place of business and facsimile number if
any) NOT LATER THAN midnight of _______________________________________.
(Enter date)
If you wish to cancel this contract,  sign  and  date  both  copies  and
return one copy immediately to the purchaser.
I hereby cancel this transaction.
(Seller's signature)                         (Date)
(b)  The  equity  purchaser  shall provide each equity seller with two
copies of the covered contract and attached notice of cancellation.  The
equity  purchaser  shall accurately enter the date on which the right to
cancel ends.
7.  (a)  Before midnight of the fourteenth business day after the date
on which the covered contract is executed, the  equity  purchaser  shall
not do any of the following:
(i)  accept  from  any  equity  seller  an execution of, or induce any
equity seller to execute, any instrument of conveyance of  any  interest
in the residence in foreclosure or, where applicable, default;
(ii)  record  with  the  county clerk any document, including, but not
limited to, any instrument of conveyance, signed by the equity seller;
(iii) transfer or encumber or purport  to  transfer  or  encumber  any
interest  in  the residence in foreclosure or, where applicable, default
to any third party;
(iv) pay the equity seller any consideration; or
(v) suggest, encourage, or provide any form which  allows  the  equity
seller  to  waive  his  or  her  right  to  cancel or rescind under this
(b) An equity purchaser shall make no false  or  misleading  statement
regarding   the   value  of  the  residence  in  foreclosure  or,  where
applicable, default; the amount  of  proceeds  the  equity  seller  will
receive after a foreclosure sale; the timing of the judicial foreclosure
process;  any  contract  term; the equity seller's rights or obligations
incident to or arising out of the sale transaction; the  nature  of  any
document  which  the equity purchaser induces the equity seller to sign;
or any other false or misleading statement concerning the  sale  of  the
residence  in  foreclosure  or, where applicable, default, or concerning
the reconveyance arrangement.
(c) An equity purchaser is prohibited from representing,  directly  or
indirectly, that:
(i)  the  equity purchaser is acting as an advisor or a consultant, or
in any other manner represents that the equity purchaser  is  acting  on
behalf of the equity seller;
(ii)  the  equity  purchaser  has  certification or licensure that the
equity purchaser does not have, or that the equity purchaser  is  not  a
member of a licensed profession if he or she is actually such a member;
(iii)  the equity purchaser is assisting the equity seller to save the
house unless the equity  purchaser  has  a  good  faith  basis  for  the
representation; or
(iv) the equity purchaser is assisting the equity seller in preventing
a  completed  foreclosure  unless  the equity purchaser has a good faith
basis for the representation.
(d) It is unlawful for any equity purchaser to initiate,  enter  into,
negotiate, or consummate any covered contract involving residential real
property  in  foreclosure  or,  where applicable, default if such equity
purchaser, by the terms of such covered contract, takes undue  advantage
of the equity seller.
8.   (a)  Any  transaction  involving  residential  real  property  in
foreclosure or, where applicable, default which is in material violation
of subdivision three, four, six, seven or  eleven  of  this  section  is
voidable  and  the  transaction  may  be  rescinded by the equity seller
within two years of the date of the recording of the conveyance  of  the
residential real property in foreclosure or, where applicable, default.
(b)  Such rescission shall be effected by giving written notice to the
equity purchaser and his or her successor in interest, if the  successor
is  not  a bona fide purchaser or encumbrancer for value as set forth in
paragraph (c) of this subdivision, and by recording such notice with the
county clerk of the county in which the property is located, within  two
years  of  the  date  of  the  recording of the conveyance to the equity
purchaser. The notice of rescission shall contain the name of the equity
seller and the name of the equity purchaser in addition to any successor
in  interest  holding  record title to the residential real property and
shall particularly describe such residential real property.  The  equity
purchaser and his or her successor in interest if the successor is not a
bona  fide purchaser or encumbrancer for value as set forth in paragraph
(c) of this subdivision, shall have twenty days after  the  delivery  of
the  notice in which to reconvey title to the property free and clear of
encumbrances created subsequent to the rescinded transaction  and  which
are  due  to  the actions of the equity purchaser. As a condition of the
reconveyance of title, the equity seller  shall  return  to  the  equity
purchaser  any  consideration received from the equity purchaser as part
of the original transaction. Upon failure to reconvey title within  such
time,  the  equity  seller may bring an action to enforce the rescission
and for cancellation of the covered contract and deed.
(c) The provisions of this subdivision shall not affect  the  interest
of  a  bona fide purchaser or encumbrancer for value if such purchase or
encumbrance occurred prior to the recording of the notice of  rescission
pursuant  to  paragraph  (b)  of  this  subdivision.  Knowledge that the
property  was  residential  real  property  in  foreclosure  or,   where
applicable,  default  shall  not  impair  the  status of such persons or
entities as bona  fide  purchasers  or  encumbrancers  for  value.  This
subdivision  shall  not  be deemed to abrogate any duty of inquiry which
exists as to rights  or  interests  of  persons  in  possession  of  the
(d)  In  any  action  brought to enforce a rescission pursuant to this
section, a court may award to  a  prevailing  equity  seller  costs  and
reasonable attorneys' fees.
9. An equity seller may bring an action for the recovery of damages or
equitable  relief  against  an  equity  purchaser  for  a  violation  of
subdivision three, four, six, seven or eleven of this section.  A  court
may  award  to a prevailing equity seller actual damages plus reasonable
attorneys' fees and costs. In addition, the court  may  award  equitable
relief, or increase the award in an amount not to exceed three times the
equity  seller's  actual damages, or both, if the court deems such award
proper. Any action brought pursuant to this section shall  be  commenced
within six years after the date of the alleged violation.
10.  (a)(i) Any equity purchaser who, with intent to defraud, violates
subdivision seven of this section or engages in any practice which would
operate as a criminal fraud or deceit upon an equity seller shall,  upon
conviction,  be  guilty of a class E felony and subject to a fine of not
more than twenty-five thousand dollars, imprisonment in accordance  with
the penal law, or both.
(ii)  Any equity purchaser who knowingly violates subdivision seven of
this section shall, upon conviction, be guilty of a class A  misdemeanor
and  subject  to  a  fine of not more than twenty-five thousand dollars,
imprisonment in accordance with the penal law, or both. A second offense
within five years shall be a class E felony and subject to a fine of not
(b)  An  equity  purchaser  who,  when  acting in good faith, violates
subdivision seven of this section, shall not be deemed to have  violated
such subdivision if the equity purchaser:
(i) establishes by a preponderance of the evidence that the compliance
failure  was  not  intentional  and  resulted  from  a  bona  fide error