dliu1/legal-llama-raw-text huggingface dataset:
In  witness  whereof, the said part ....... of the first part to these
presents ha ....... hereunto set ....... hand ....... and  seal  .......
the day and year first above written.
Sealed and delivered }
in the presence of  }
§  274.  Transfers  and  mortgages  of interest in decedents' estates.
Every conveyance, assignment, or other transfer of, and  every  mortgage
or other charge upon the interest, or any part thereof, of any person in
the  estate  of a decedent which is situated within this state, shall be
in writing, and shall be acknowledged or proved in the  manner  required
to  entitle  conveyances  of  real  property  to  be  recorded. Any such
instrument may also be recorded as hereinafter provided; and if  not  so
recorded,  it  is  void against any subsequent purchaser or mortgagee of
the same interest or any part thereof, in good faith and for a  valuable
consideration,  whose conveyance or mortgage is first duly recorded.  If
such interest is entirely in  the  real  property  of  a  decedent,  the
conveyance  or mortgage shall be recorded in the office of the recording
officer where such real property is situated. If  such  interest  is  in
both  the personal and the real property of a decedent the conveyance or
mortgage shall be recorded  in  the  office  of  the  surrogate  issuing
letters   testamentary  or  letters  of  administration  upon  the  said
decedent's estate, or if no such letters have been issued, then  in  the
office  of the surrogate having jurisdiction to issue the same, and also
in the office of the  said  recording  officer.  Such  a  conveyance  or
mortgage  when  so  recorded,  shall  be  indexed  under the name of the
decedent, in a book to  be  kept  for  the  purpose  by  each  recording
officer.  The person presenting any such instrument for record shall pay
to the clerk of the surrogate's court a fee of ten cents for each folio.
Such filing or recording shall not be deemed notice of such  conveyance,
assignment  or  other  transfer  of, or mortgage or other lien or charge
upon the interest, or any part thereof of any person in the estate of  a
decedent  which  is situated within the state, so as to charge the legal
representative of the estate with liability for payment to a legatee  or
other  beneficiary  of an estate unless and until he shall have received
actual notice of such conveyance, assignment or other transfer.
§  274-a.  Certificate of principal amount unpaid on mortgages of real
property. 1. The holder of a mortgage upon real property  shall  execute
and  deliver  to the owner of the real property upon which such mortgage
is a lien a written instrument setting forth the amount of the principal
of said mortgage remaining unpaid, the date to which interest  has  been
paid,  and  the amounts, if any, claimed to be unpaid upon said mortgage
for principal and interest, itemizing the same, provided, however,  that
prior  written demand by registered or certified mail has been made upon
the holder of such mortgage by such owner of the real property and  that
such  owner  of  the  real property shall have executed and delivered to
another a written contract to convey, or shall have received  a  written
commitment  to  make  a  mortgage  loan  upon,  the  real property or an
interest therein. The written instrument hereinbefore  required  of  the
holder  of  the  mortgage  shall  be  a  certificate  duly  executed and
acknowledged in the  same  manner  as  required  by  law  to  entitle  a
conveyance  of real property to be recorded, except that a bank, savings
bank, private banker, trust company, savings and loan association or any
other banking organization, as defined in the banking  law,  a  national
bank   or   trust   company   or   any   other   federally-chartered  or
federally-regulated  savings  and  loan  association  or  other  banking
institution  and  an  insurance company duly organized or licensed to do
business in this state under the insurance law of  this  state  and  the
state  of  New York, or an agency thereof and a political subdivision of
the state of New York or an agency thereof may,  in  lieu  of  the  said
certificate,  furnish  a  letter signed by a duly authorized officer, or
employee or agent, containing the information required to be  set  forth
in  such  certificate. An owner of real property who shall have complied
with the foregoing requirements and who  shall  not  have  received  the
written instrument from the holder of the mortgage thereon within twenty
days  after  such  compliance  shall  be entitled to petition a court of
competent jurisdiction  for  an  order  requiring  such  holder  of  the
mortgage to comply with this section.
2.   (a)   The  mortgagee  of  an  owner-occupied,  one-to-six  family
residential structure or residential  condominium  unit,  shall  deliver
within  thirty  days,  any  mortgage  related documents to an authorized
individual making a bona fide written demand  for  such  documents.  The
mortgagee shall not charge for providing the mortgage-related documents,
provided,  however,  the  mortgagee  may  charge  not  more  than twenty
dollars, or such amount  as  may  be  fixed  by  the  superintendent  of
financial  services, for each subsequent payoff statement provided under
this subdivision. If the mortgagee fails to deliver the mortgage-related
documents, the mortgagee shall be liable for the actual damages  to  the
mortgagor  by  reason  of  such failure. In computing actual damages the
court may consider the actual rate of interest on the mortgage debt  and
current  prevailing  rate  or  rates  of  interest  on comparable debts.
However, actual damages do not include pain  and  suffering,  mental  or
emotional  distress  or  the  like.    The  replacement  costs of a lost
abstract of title required to be delivered hereunder,  may  be  deducted
from the amount required to satisfy the mortgage.
(b) When used in this section:
(i)  Authorized  individual  means  the  mortgagor,  the mortgagor's
attorney, or the attorney representing a banking organization which  has
agreed  to  make  a  loan secured by the same real property securing the
mortgage for which the mortgage related documents have been requested.
(ii) Mortgagee means (1) the  current  holder  of  the  mortgage  of
record  or  the  current  holder of the mortgage, (2) any person to whom
payments are required to be made and (3) their personal representatives,
successors and assigns.
(iii) Bona fide written demand means a written  demand  made  by  an
authorized  individual  in  connection with a sale or refinancing of the
mortgaged property or some other event where the mortgage is  reasonably
expected  to  be  paid  off  or  assigned.  Such  demand shall either be
delivered  personally,  or  by  registered  or  certified  mail, postage
prepaid, return receipt requested. The demand shall include the names of
the mortgagor and mortgagee, the address of the mortgaged property, loan
number, the date of the mortgage  or  the  date  it  was  recorded,  the
mortgage related documents demanded and the proposed payoff date or date
of  assignment  of the mortgage, if applicable. If the demand includes a
request for  the  abstract  of  title,  the  demand  shall  include  the
agreement  by  the mortgagor to pay for a replacement abstract of title,
the cost of which may not exceed the actual  replacement  cost  of  such
abstract of title, in the event that the mortgage is not paid off or the
abstract  of  title  is  not returned within thirty days of the proposed
payoff date. Such demand shall include the following in capital letters:
THIS DEMAND IS MADE UNDER SECTION 274-a OF THE REAL PROPERTY LAW.
FAILURE TO COMPLY WITH THIS DEMAND MAY RESULT IN SEVERE PENALTIES.
(iv) Mortgage-related documents means:
(1) the abstract of title for the real property securing the  mortgage
if  such  document is in the possession and control of the mortgagee. In
the event that the mortgage is not paid off, the  authorized  individual
receiving the abstract of title shall within thirty days of the proposed
payoff  date  return  the  abstract  of  title to the mortgagee or other
person so designated by the mortgagee; upon a failure to so  return  the
abstract  of  title,  the mortgagee may obtain a replacement abstract of
title, the cost of which may not exceed the actual replacement  cost  of
such abstract of title and which shall be paid by the mortgagor;
(2)  a  payoff  statement  setting  forth the balance of the mortgage,
including principal, interest and other charges assessed pursuant to the
loan documents, together with a per  diem  rate  for  interest  accruing
after  the  date  to  which  the balance has been calculated. The payoff
statement may, in the event that the statement reflects  payments  which
may  have  not  yet cleared, require the authorized individual to obtain
from the mortgagee a day of payoff verification of the payoff statement.
A payoff statement requiring day of payoff verification  shall  include,
in addition to the address of the mortgagee, the telephone number of the
mortgagee  and,  if  a  banking organization or corporation, the name or
department, and its telephone number and facsimile phone number.  Unless
the  payoff statement requires a day of payoff verification, a mortgagee
furnishing a payoff statement shall be obligated to make its best effort
to furnish a satisfaction of mortgage upon receipt  of  the  amount  set
forth  in  such  statement  unless such person subsequently notifies the
authorized individual of an error in the payoff  statement.  The  payoff
statement furnished by a mortgagee shall include a name or department in
addition  to  the address of the banking organization or corporation for
use in connection with preparation of  an  affidavit  under  subdivision
five of section nineteen hundred twenty-one of the real property actions
and proceedings law;
(3)  if  requested  and  if  the  title  insurance  policy  is  in the
possession and control of the mortgagee, a copy  of  such  policy  or  a
statement  setting  forth the name of the insurer and the number of such
(v) Banking organization shall have the same meaning as provided  in
subdivision  eleven  of section two of the banking law and shall include
any institution chartered or licensed by the United States or any state.
§  275.  Certificate  of discharge of mortgage required. 1. Whenever a
mortgage upon real property is due and payable, and the full  amount  of
principal  and  interest  due  on the mortgage is paid, a certificate of
discharge of  mortgage  shall  be  given  to  the  mortgagor  or  person
designated  by  him or her, signed by the person or persons specified in
section three hundred twenty-one of this chapter. The person signing the
certificate shall, within thirty days thereafter, arrange  to  have  the
certificate  presented  for  recording  to  the recording officer of the
county where the mortgage is recorded. Failure by a mortgagee to present
a certificate of discharge for recording shall result in  the  mortgagee
being  liable  to the mortgagor in the amount of five hundred dollars if
he or she fails to present such certificate within  thirty  days,  shall
result  in  the mortgagee being liable to the mortgagor in the amount of
one thousand dollars if he or she fails  to  present  a  certificate  of
discharge  for  recording  within  sixty  days  and  shall result in the
mortgagee being liable to the mortgagor in the amount  of  one  thousand
five  hundred  dollars  if  he  or she fails to present a certificate of
discharge for recording within ninety days. For  the  purposes  of  such
liability under this subdivision, the term mortgagee shall not include
a  person,  partnership,  association, corporation or other entity which
makes less than five mortgage loans in any calendar year. The provisions
of this section shall not apply to any mortgage granted to  or  made  by
the  state  of New York, or any agency or instrumentality thereof or any
political subdivision of the state  or  any  agency  or  instrumentality
2.  For  purposes  of  this  section, the full amount of principal and
interest due on a mortgage shall not be considered to be  paid  whenever
such  mortgage  continues  to secure a bona fide debt and an enforceable
lien continues to exist, such as may occur in the following situations:
(a) the commercial practice of lenders trading or selling mortgages on
the secondary market;
(b) the replacement of a construction loan with permanent financing;
(c) the refinancing of an existing loan with a  new  lender,  such  as
where  the  original lender assigns a note and the mortgage securing its
payment to another lender in return for consideration and such  mortgage
is  consolidated  with another mortgage which secures any funds advanced
by the new lender to the mortgagor;
(d) the modification of the  terms  of  a  loan  by  a  mortgagor  and
mortgagee in order to avoid foreclosure; and
(e) a refinancing that occurs in conjunction with the sale of property
such  that  the  seller conveys property to the purchaser subject to the
lien of the mortgage and  the  original  lender  assigns  its  note  and
mortgage on the property to the purchaser's lender.
3.  Except  with respect to the assignment of a mortgage in connection
with a transaction described in paragraph (a) of subdivision two of this
section, in order to record an assignment of a mortgage  there  must  be
set forth in the assignment document or attached thereto and recorded as
part thereof a statement under oath signed by the mortgagor or any other
party  to  the  transaction having knowledge of the facts (provided such
other party asserts such knowledge), that the assignee is not acting  as
a  nominee  of the mortgagor and that the mortgage continues to secure a
bona fide obligation. With respect to the assignment of  a  mortgage  in
connection  with a transaction described in paragraph (a) of subdivision
two of  this  section,  such  assignment  shall  contain  the  following
statement:  This  assignment  is  not  subject  to  the requirements of
section two hundred seventy-five of the Real Property Law because it  is
an assignment within the secondary mortgage market.
§  276.  Effect  of  certain  easements  on  the  right  to  invest in
mortgages. The existence of an easement in  real  property  acquired  or
reserved  by  a  municipal  corporation, a railroad corporation or other
transportation corporation, shall not be deemed an encumbrance upon such
real property under any law relating to investments  in  mortgages  upon
real  property  by  corporations,  trustees,  executors, administrators,
guardians or other persons holding trust funds, but the effect  of  such
an easement upon the real property which it affects, shall be taken into
consideration in determining the value thereof.
§   277.   Modification  and  extension  of  mortgage  investment.  1.
Corporations,   trustees,    executors,    administrators,    guardians,
committees,  conservators and other persons holding trust funds, savings
banks and other corporations that shall have made or shall own  or  hold
an  investment, with the specified ratio of real property security, in a
bond and mortgage or share or part thereof or series or group  of  bonds
and  mortgages  or  in any instrument evidencing any collateral or other
interest in such a bond and mortgage or share or part  thereof  or  such
series or group of bonds and mortgages, or in any participation or other
certificate  secured by the deposit of, or evidencing any share, part or
interest in the principal sum of any such bond and mortgage or share  or
part  thereof  or series or group of bonds and mortgages, whether any of
such investments, instruments or certificates be guaranteed or not, may,
prior to April first, nineteen hundred sixty-nine waive  or  modify,  or
agree to waive or modify, either with or without consideration and prior
or  subsequent  to maturity, any terms and conditions thereof, including
the rate of interest, due or to become due and extend  or  re-extend  or
agree  to  extend  or  re-extend such bond and mortgage or share or part
thereof, or such series  or  group  or  such  evidencing  instrument  or
participation  or  other  certificate for a period of not more than five
years from the time of such extension, by agreement with  the  owner  of
the real property subject to the lien of such bond and mortgage or bonds
and  mortgages  or by agreement with the issuer or guarantor of any such
evidencing   instrument   or   participation   or   other   certificate,
notwithstanding   that,  at  the  time  of  such  waiver,  modification,
extension or agreement, the value of such real property may be less than
that required by law for  an  original  investment  of  such  an  amount
therein  by  such holder and, in case any such investment is guaranteed,
any such holder thereof may also extend or re-extend or agree to  extend
or  re-extend  the  time of payment under the guaranty for a like period
from its due date, and may release or agree to release such guaranty  or
from  time to time waive or modify or agree to waive or modify any terms
or conditions thereof, including the rate of interest due or  to  become
due.
2.  In  addition  to  the  provisions  of  subdivision one hereof, any
corporation,  trustee,  executor,  administrator,  guardian,  committee,
conservator  or other person, including any official of the state or any
political subdivision thereof, holding trust funds, or any savings  bank
or  other  corporation  that  shall  have made or shall own or hold such
investment, may prior to April first, nineteen hundred  sixty-nine  join
in  promulgating, participate in, consent to or pay any assessment under
or incur any necessary expense in connection with participation  in  any
plan  providing  for the readjustment, modification or reorganization of
such investment, which plan is required by  the  terms  thereof  or  the
provisions  of  law applicable thereto to be approved by a court of this
or  any  other  state  or  of  the  United  States,   having   competent
jurisdiction  over  proceedings  for  such readjustment, modification or
reorganization, and if such plan shall have been or shall  hereafter  be
duly  approved  by  any  such court, may execute such instruments and do
such acts as may be  required  thereby,  and  as  may  be  necessary  or
desirable  for  the  consummation  thereof,  and may accept and hold, as
legal investments, any securities or obligations, secured or  unsecured,
issued  pursuant  to  such  plan  so  approved, notwithstanding, without
limiting the generality of the foregoing, that such plan may provide for
the extension of the maturity or reduction of the principal, or  of  the
rate of interest, or for any other modification of such investment or of
any bond and mortgage or bonds and mortgages held as security for or for
the benefit of the holders of such investment.
3.  This section shall be construed so as to effectuate its purpose as
a grant of powers. The limitations  and  restrictions  contained  herein
shall  not  apply  to  powers  granted  by any other law but only to the
powers granted herein.
§ 277-a. Powers of fiduciaries and others holding guaranteed mortgages
or mortgage investments. Trustees, executors, administrators, guardians,
committees  for incompetents, conservators of conservatees and all other
persons acting in any fiduciary capacity, including all officials of the
state or any political subdivision thereof, and  corporations  organized
under,  or subject to the provisions of the banking law or the insurance
law, who hold any mortgage  investment  or  any  wholly  owned  mortgage
guaranteed  by  a  guaranty corporation, or who hold any claim against a
guaranty  corporation,  may  assent  to  a  plan  of  reorganization  or
readjustment  of the guaranty corporation or of the business thereof, or
to any proposal, however designated, to buy any assets of such  guaranty
corporation,  which  has been or shall be approved by the supreme court;
and in  connection  therewith  may  assign  such  claims,  execute  such
instruments  and  do  such  acts  as  may  be  required  by such plan or
proposal, or as may be  necessary  or  desirable  for  the  consummation
thereof;  and  may  accept in exchange for such claims, and hold same as
legal investments, any stock,  securities  or  obligations,  secured  or
unsecured, issued pursuant to such plan or proposal; and may join in any
voting  trust agreement provided for by such plan or proposal. The terms
mortgage investment and guaranty corporation as used herein shall be
construed as said terms are defined by  section  two  of  chapter  seven
hundred  forty-five  of  the  laws  of nineteen hundred thirty-three, as
amended, and by section  three  of  chapter  nineteen  of  the  laws  of
nineteen hundred thirty-five, as amended.
§   278.   Exchange   of  mortgage  investment.  Trustees,  executors,
administrators, guardians, committees, conservators, receivers, the town
treasurer of any town and other persons and corporations  holding  trust
funds,  corporations  and  private bankers organized under or subject to
the provisions of the  banking  law,  the  superintendent  of  financial
services  as  conservator,  liquidator  or  rehabilitator  of  any  such
corporation or  private  banker  organized  under  and  subject  to  the
provisions  of  the banking law, persons, partnerships, and corporations
organized under or subject to the provisions of the insurance  law,  the
superintendent  of  financial  services  as  conservator,  liquidator or
rehabilitator of any such person, partnership or  corporation  organized
under  or  subject  to  the  provisions  of the insurance law, and other
domestic corporations, that shall have made or shall hold an investment,
whether with or without a specified ratio of real property security,  in
a  bond  secured  by mortgage on real property or share or part thereof,
whether guaranteed or not, may, at any time  without  an  order  of  the
court  or  other  authority,  exchange, prior or subsequent to maturity,
such bond and mortgage or share  or  part  thereof  and  any  rights  in
respect   thereto,  for  bonds  of  Home  Owners'  Loan  Corporation,  a
corporation created under home owners' loan act of nineteen hundred  and
thirty-three,  and  may hold such bonds of Home Owners' Loan Corporation
as  authorized  and  lawful  investments  for  any  and  all   purposes,
notwithstanding  the  provisions  of  any general or special law of this
state inconsistent with the provisions of this section.
§  278-a.  Sale  or  exchange  of  certain  real  property or mortgage
investments therein  authorized.  Trustees,  executors,  administrators,
guardians,   committees,   conservators   and   all   other  persons  or
corporations holding trust funds or  acting  in  a  fiduciary  capacity,
corporations  and  private  bankers  organized  under  or subject to the
provisions of the banking law, the superintendent of financial  services
as  conservator,  liquidator or rehabilitator of any such corporation or
private banker organized under and subject  to  the  provisions  of  the
banking  law,  persons, partnerships and corporations organized under or
subject to the provisions of the insurance law,  the  superintendent  of
financial  services  as  conservator, liquidator or rehabilitator of any
such person, partnership or corporation organized under  or  subject  to
the provisions of the insurance law who or which (1) own any property on
which there is a building defined in the multiple dwelling law as an old
law  tenement  or  who  or  which  hold a mortgage or other lien on such
property, or
(2) own any property, improved or unimproved, or any mortgage or other
lien thereon, within any section of a municipality  included  in  a  map
showing sections containing areas for clearance, replanning and low rent
housing,  adopted  by  the  planning commission of the municipality as a
whole or part of the master plan, or
(3) own any property, improved or unimproved, or any mortgage or other
lien thereon,  within  any  section  of  a  municipality  which  may  be
designated  by  the  planning commission or the housing authority of the
municipality as substandard  or  insanitary,  may  sell  such  property,