2006 New York Code - Execution And Acknowledgment Of Assumption Of Mortgage Debt By Grantee Of Mortgaged Real Property

 
    § 5-705. Execution  and  acknowledgment of assumption of mortgage debt
  by grantee of mortgaged real property. No grantee of real property shall
  be liable upon any indebtedness secured by a mortgage  thereon  executed
  prior to the time of the conveyance of the real property to the grantee,
  nor  shall  he  be  liable  for  any deficiency that may remain upon the
  foreclosure and sale of real property covered by such a mortgage,  after
  application   of  the  proceeds  of  sale,  unless  such  grantee  shall
  simultaneously with the conveyance to him of such real property  execute
  and acknowledge, before an officer authorized to take acknowledgments of
  deeds,  a  statement  in  writing stating in substance that such grantee
  assumes and agrees to pay such mortgage debt  and  giving  the  specific
  amount  of  the  debt  assumed.  The  execution  and acknowledgment by a
  grantee of the  deed  of  conveyance  to  him  containing  such  written
  statement  shall  be  sufficient  compliance with the provisions of this
  section. This section shall not apply, however, where, subsequent to the
  conveyance and upon an extension or  modification  of  the  indebtedness
  secured  by  the  mortgage,  the  grantee shall execute and acknowledge,
  before an  officer  authorized  to  take  acknowledgments  of  deeds,  a
  statement in writing stating that such grantee assumes and agrees to pay
  such mortgage debt, and giving the specific amount of the debt assumed.