2010 New York Code
RPA - Real Property Actions & Proceedings
Article 19 - (1901 - 1955) DISCHARGE OR EXTINGUISHMENT OF ENCUMBRANCES, CLAIMS AND INTERESTS
1932 - Discharge of record of ancient mortgage where time of maturity is dependent on contingent event related to use of premises.

§ 1932. Discharge of record of ancient mortgage where time of maturity
  is dependent on contingent event related to use of premises. 1. The lien
  of  every  mortgage  or conveyance of real estate in this state given as
  security for the payment of money, recorded more than seventy-five years
  ago, where the time of maturity thereof is  dependent  solely  upon  the
  occurrence  of  a  contingent  event  relating  to  use of the mortgaged
  premises for religious purposes, and where the reason for  such  use  no
  longer  applies to the mortgaged premises because of changes in the type
  of neighborhood in which the premises are situated, may be discharged of
  record by judgment  of  the  supreme  court  in  the  county  where  the
  mortgaged  premises are situated, or of the county court of such county,
  in the manner provided in this section.
    2. The court, upon  presentation  of  a  petition,  together  with  an
  official search of the recording officer in whose office the mortgage is
  recorded  or a search prepared by a person duly licensed and admitted to
  practice law in this state or by a title company duly  incorporated  and
  authorized  to  transact business in this state showing such recordation
  and assignments of record, if any, the petition showing such  contingent
  event  relating  to  the  use  of  the  mortgaged premises for religious
  purposes and that the reason for such  use  no  longer  applies  to  the
  mortgaged  premises  because  of  changes in the type of neighborhood in
  which  the  mortgaged  premises  are  situated,  and  showing  that  the
  petitioner  has  made reasonable effort to locate the mortgagee or other
  person or persons authorized to execute and deliver  a  satisfaction  of
  such  mortgage  or  conveyance  but  has  been unable to do so after the
  exercise of reasonable diligence, shall  make  an  order  requiring  all
  persons  interested  to show cause at a certain time and place, why such
  mortgage should not be discharged of record. Such order  to  show  cause
  and   the   publication  and  service  thereof  shall  comply  with  the
  requirements of section 1931 of this chapter, and the proceedings on the
  return of such order to show cause shall comply with the requirements of
  section 1931 of this chapter except as to the allegation of payment  and
  evidence to rebut the presumption thereof.
    3.  Any  judgment  of  the  court  thereon discharging the mortgage of
  record shall be made only upon proof of such contingent  event  relating
  to  use  of  the  mortgaged  premises for religious purposes, and of the
  changes in the type of neighborhood in which the mortgaged premises  are
  situated,  showing that the reason for such use no longer applies to the
  mortgaged premises, and upon proof of the other matters alleged  in  the
  petition;  and  any such judgment shall be made without prejudice to the
  right, if any, of the mortgagee, his representatives or assigns or other
  person or persons to receive or collect the mortgage debt in any  action
  or proceeding not affecting such mortgaged premises.


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