2006 New York Code - Multiple Collateral; Designation Of Order Of Sale Of Parcels.

 
    * §  1416.  Multiple  collateral;  designation  of  order  of  sale of
  parcels.  Where the indebtedness is secured by more than one mortgage on
  mortgaged property consisting of more than one functionally separate and
  distinct property, unless otherwise provided in the mortgage or  in  any
  extension,  amendment  or  modification thereof or instrument amendatory
  thereto, each property shall be sold either (a) separately in the  order
  designated  by  the mortgagee (which may be on a single sale date, or on
  separate dates as provided in the notice of sale), or (b)  as  otherwise
  directed  by order of the supreme court for the county in which the sale
  is to take place, pursuant to a motion made under the  index  number  of
  the  non-judicial  proceeding  for  foreclosure  of  power  of sale. The
  mortgagee shall not schedule or  conduct  the  sale  of  the  subsequent
  property so designated until after the deficiency has been determined in
  accordance  with  section  fourteen  hundred  nineteen  of this article,
  whereupon in the event a deficiency exists, the mortgagee  may  schedule
  and  conduct the sale of the subsequent property in the order designated
  by the mortgagee unless the court orders  otherwise,  such  sale  to  be
  conducted in accordance with the provisions of this article.
    * NB Repealed July 1, 2009