2006 New York Code - Right To Redeem Of Mortgagor, Subordinate Lienor, Or Holder Of Subordinate Interests.

 
    * §  1410. Right to redeem of mortgagor, subordinate lienor, or holder
  of subordinate interests. 1. At any time before the commencement of  the
  bidding at the sale, the mortgagor, or the record owner of the mortgaged
  property, or the holder of any subordinate security interest in or other
  lien upon the mortgaged property, may prevent the sale by payment to the
  mortgagee,  in  good  funds,  of all sums due under the mortgage, or the
  note, bond or other obligation secured thereby,  together  with  accrued
  interest thereon, and all other sums due thereunder, including the costs
  of  sale  and reasonable attorneys' fees. As between or among holders of
  security interests, the tender of redemption by the holder  entitled  to
  priority  prevails  over  the  tender  of  redemption by the holder of a
  subordinate interest.
    2. If a mortgagor, record owner, or holder of any subordinate security
  interest in or other lien upon the mortgaged  property  is  entitled  to
  redeem under this section, the mortgagor, record owner, or the holder of
  any  subordinate  security  interest or lien, may, upon such redemption,
  require the mortgagee, upon full payment of the obligation, in  lieu  of
  the  certificate  of discharge under section two hundred seventy-five of
  the real property law, to assign  the  debt  and  the  mortgage  without
  recourse  or  warranty  to  any person or entity designated by the payor
  provided that such person or entity is not the mortgagor or a person  or
  entity  acting  as  a  nominee  of  the  mortgagor, and the mortgagee is
  obligated to do so, provided the payor executes the  affidavit  required
  under  section  two  hundred  seventy-five of the real property law. The
  rights under this subdivision may be  enforced  by  the  holder  of  any
  subordinate  security  interest  in  or lien upon the mortgaged property
  even  though  it  is  a  subordinate  security  interest  or  lien.  The
  assignment  of the mortgage, and the indebtedness secured thereby, shall
  be deemed to be an assignment of  a  bona  fide  obligation  within  the
  meaning of section two hundred seventy-five of the real property law.
    * NB Repealed July 1, 2009