N.Y. Real Property Actions and Proceedings Law 1221 – Action to sell preemptive rights against the city of New York
§ 1221. Action to sell preemptive rights against the city of New York. 1. In all cases where several persons are the owners, or claim to be the owners of any real estate or chattels real lying within the bounds of the city of New York, having different estates, or estates in common therein, in possession, remainder, or reversion, and which such persons shall, by virtue of such ownership, or claim to such ownership, be entitled, or claim to be entitled, by law to a preemptive right to have, take, or demand the grant or lease of any other land, or easement in land, from such city, the supreme court shall have power, and such court is hereby vested with full power and authority, on the application of either of such owners, or of such city, to decree an absolute sale and conveyance of such right of preemption, and to make such disposition of the net moneys arising from such sale, after the payment of the costs and expenses of the proceedings, as shall be just and proper, according to the rights and interests of such several owners.
Terms Used In N.Y. Real Property Actions and Proceedings Law 1221
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dower: A widow
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
2. Whenever any owner shall reside in the city of New York, notice of such intended application shall be served personally on such owner, or by leaving the same at his dwelling-house with some person of suitable age and discretion at least twenty days before such application is made; and in all cases where such owner shall reside out of such city and within any of the United States, and such place of residence be known to the applicant, such notice shall be served by mail, addressed to such owner at his place of residence, at least three months before such application is made. Proof of such service by affidavit shall be made to the court before any order of sale shall be made. Any of the parties to such suit may become the purchaser on such sale.
3. In all cases where any owner shall be an infant, a guardian shall be appointed for such infant, who shall give the like security, and possess the like powers, and discharge the like duties as in cases for the partition of lands.
4. Such sale shall be made and conducted on like notice by the like officer, and in the same manner and form as sales of real estate on the foreclosure of a mortgage by virtue of a decree or order of such court, and a deed of conveyance for such right of preemption shall in like manner be executed and delivered to the purchaser, which deed shall vest in the purchaser absolutely all the claim, right, title, and interest of the owner of such right of preemption, and every of them, of, in or to such right of preemption thus sold and conveyed; provided always, in every case the applicant shall give six weeks' previous notice of such intended application if the owners entitled by law to such preemption right are residents, and six months' previous notice of such intended application if the owners entitled by law to such preemption right are non-residents of the state, by publication for three months successively, twice in each week, in two of the daily papers published in such city prior to such application to the court for an order of sale; and provided also, that the court shall be satisfied that such order of sale shall not interfere with or impair the obligation contained in any lease or contract made by such city to or with any person or persons whatsoever.
5. Whenever a right of dower, whether inchoate or consummate, a tenancy by curtesy, or any other estate for life or for years shall have existed in the preemptive rights so sold and conveyed, the owner of such particular estate in the rights sold is entitled to receive from the moneys arising from such sale either a sum in gross or the earnings of a sum invested for his benefit. The determination as to whether a sum in gross or the earnings of a sum invested shall be awarded to the owner of such particular estate shall be governed by the provisions of section 968 with respect to the proceeds of a sale in partition.