N.Y. Municipal Housing Authorities Law 75 – Foreclosure and other remedies
* § 75. Foreclosure and other remedies. 1. In an action to foreclose a mortgage on real property of an authority, the authority and the municipality, in addition to all other necessary parties, shall be made parties defendant and shall take such steps in said action as may be necessary to protect the public interest therein and no costs shall be awarded against them. Wherever under the instrument creating a lien a notice of default in writing is required to be served upon an authority before the institution of foreclosure proceedings, a copy of such notice shall be served upon the municipality before the institution of such proceedings. At such a sale of the property of the authority pursuant to foreclosure or other proceedings, the municipality may purchase the property affected.
Terms Used In N.Y. Municipal Housing Authorities Law 75
- Contract: A legal written agreement that becomes binding when signed.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Trustee: A person or institution holding and administering property in trust.
2. In addition to any other rights and remedies, but subject to such limitations as may be made by contract, any lessor or mortgagee, or any trustee designated in the bonds of an authority or under a mortgage or indenture executed by an authority as security for its bonds may: (a) by mandamus or other suit, action or proceedings at law or in equity compel the authority to perform each and every term, provision and covenant contained in any agreement of the authority with such trustee, mortgagee or lessor and require the performance of any or all such covenants and agreements of the authority and of the duties imposed upon the authority by this article;
(b) by action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of such trustee, mortgagee or lessor;
(c) by suit, action or proceedings in any court of competent jurisdiction compel possession of any project or any part thereof to be surrendered to such trustee, mortgagee or lessor having the right to such possession under any agreement with the authority;
(d) by suit, action or proceedings in any court of competent jurisdiction obtain the appointment of a receiver of any project of the authority or any part thereof and of the rents and profits therefrom. If such receiver be appointed, he may enter and take possession of such project or any part or parts thereof and operate and maintain same, and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom in the same manner as the authority itself might do, and shall keep such monies in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct;
(e) by action or suit in equity require an authority to account as if it were the trustee of an express trust.
* NB The text of Article 5 of the former State Housing Law (cited herein as the "Municipal Housing Authorities Law"), as such article existed immediately prior to its repeal pursuant to section 227 of Chapter 808 of the Laws of 1939, is provided here for ease of reference and historical purposes as such text continues to be applicable for the New York City Housing Authority pursuant to the provisions of § 401 of the current Public Housing Law.