2006 New York Code - Additional Liabilities Of Mortgage Investing Institutions.



 
    §  956.  Additional liabilities of mortgage investing institutions. 1.
  In addition to any other remedies permitted by law,  a  mortgagor  whose
  taxes  are  to  be  paid  by means of a real property tax escrow account
  pursuant to  this  title  may  bring  an  action  against  the  mortgage
  investing  institution  maintaining such account for the mortgagor under
  the provisions of this section if payments for real property taxes  have
  not been made for one hundred eighty days after the date such taxes have
  become  due  and  payable.  If a court shall find, after considering the
  circumstances of the failure of a mortgage investing institution to  pay
  the  real property taxes of a mortgagor pursuant to an escrow agreement,
  that such failure was due to the negligence or intentional acts  of  the
  mortgage  investing institution, its agent, or both, the court may award
  the mortgagor injunctive relief and  liquidated  damages  in  an  amount
  equal to three times the tax not paid within such one hundred eighty day
  period but in no event greater than six thousand dollars.
    2.  In addition to any other violations provided by law, if a mortgage
  investing institution through negligence or intentional  acts  fails  to
  pay  real property taxes for more than one hundred eighty days after the
  date such taxes become due and payable, it shall constitute  a  separate
  violation of this title.

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