N.Y. Abandoned Property Law 209 – Effect of release on rights of others
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§ 209. Effect of release on rights of others. No such release shall impair or affect any right, title, interest or estate in or to the lands thereby released, of any heir-at-law, devisee, grantee, mortgagee or creditor of any person having an interest in the real property released immediately prior to the escheat thereof, or of any person having a lien or incumbrance thereon, through, under or by any person having an interest therein immediately prior to the escheat.
Terms Used In N.Y. Abandoned Property Law 209
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.