NY Real Prop Actions L § 1932 (2021)
2021 New York Laws RPA - Real Property Actions and Proceedings Article 19 - Discharge or Extinguishment of Encumbrances, Claims and Interests 1932 - Discharge of Record of Ancient Mortgage Where Time of Maturity Is Dependent on Contingent Event Related to Use of Premises.

§ 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 section 1931 of this chapter, and the proceedings on the   return of such order to show cause shall comply with the requirements of   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.