There is a newer version of the New York Consolidated Laws
2006 New York Code - Sale; How Conducted.
* § 1408. Sale; how conducted. 1. The sale shall be at public auction by a licensed auctioneer, sheriff, marshal, or court appointed official for such purpose, during reasonable business hours, on a day other than Saturday, Sunday or a public holiday, in the county in which the mortgaged property, or a part thereof, is situated, at any courthouse located in the county, or if in a county within the city of New York, at the courthouse of the supreme court in such county. 2. If publication of the notice of sale is for four weeks, such sale shall take place on any day on or after the twenty-eighth day and on or before the thirty-fifth day after the day of the first publication; and if publication of the notice of sale is for five weeks, such sale shall take place on any day on or after the thirty-fifth day and on or before the forty-second day after the day of the first publication. Any period of seven successive days shall constitute a week under this section. 3. The person conducting the sale shall announce the terms thereof at the outset of the auction. A copy of the terms of sale shall be made available by the mortgagee or person conducting the sale at or prior thereto. 4. On acceptance of a bid at the sale, the bidder, other than the mortgagee, shall deposit with the person conducting the sale at least ten percent of the bid price in cash, certified check or a bank check drawn on a bank, trust company, savings bank or savings and loan association having offices in this state. A memorandum of the sale, which shall incorporate the terms of the sale, shall be executed by the person conducting the sale and the successful bidder thereat, including the foreclosing mortgagee. The memorandum shall state the identity of the purchaser, the amount of the successful bid, the amount of the deposit (which, pending the conveyance of title, shall be retained by the person conducting the sale in a separate account in a commercial bank or savings bank located in the state of New York), the date, time and place of closing of title and that the terms of the sale are incorporated therein. The memorandum of sale shall not be amended or modified. 5. If the successful bidder fails to make the deposit on acceptance, or to complete the transaction within thirty days after acceptance, the mortgagee may resell the mortgaged property. The bidder's deposit may be retained or recovered by the mortgagee as liquidated damages regardless of the amount bid and paid on the resale of the mortgaged property. 6. If the mortgaged property consists of two or more distinct parcels, they shall be sold separately in the order specified in the notice of sale unless otherwise provided in the mortgage or any instrument extending, amending or modifying the mortgage. As many of the parcels shall be sold as it is necessary to sell in order to satisfy the amount due at the time of the sale, and the costs and expenses allowed by section fourteen hundred seventeen of this article. Where two or more buildings are situated in the same city lot or local tax lot, they shall be sold together. * NB Repealed July 1, 2009
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