N.Y. State Finance Law 150 – Foreclosure of mortgages by the state
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§ 150. Foreclosure of mortgages by the state. The comptroller shall cause all mortgages belonging to the state upon which default is made in the payment of principal or interest, to be foreclosed, whenever, in his judgment, it may be necessary for the protection of the interest of the state. All actions or proceedings for that purpose shall be prosecuted or conducted by the attorney-general.
Terms Used In N.Y. State Finance Law 150
- 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