2010 New York Code
RPA - Real Property Actions & Proceedings
Article 13 - (1301 - 1391) ACTION TO FORECLOSE A MORTGAGE
1351 - Judgment of sale.

§  1351.  Judgment  of  sale.    1. The judgment shall direct that the
  mortgaged premises, or so much thereof as may be sufficient to discharge
  the mortgage debt, the expenses of the sale and the costs of the action,
  and which may be sold separately without material injury to the  parties
  interested,  be  sold  by  or  under the direction of the sheriff of the
  county, or a referee.
    2. Where the mortgage debt is not all due, and the mortgaged  property
  is so circumstanced that it can be sold in parcels without injury to the
  interests  of  the parties, the final judgment shall direct that no more
  of the property be sold in the first place than is sufficient to satisfy
  the sum then due, with the costs of the action and expenses of the sale.
  Upon a subsequent default in the payment of principal  or  interest  the
  plaintiff  may  apply for an order directing the sale of the residue, or
  of so much thereof as is necessary to satisfy the amount then due,  with
  the  costs  of  the  application  and  the  expenses  of the sale.   The
  plaintiff may apply for and obtain such an order as often as  a  default
  happens.  If  it appears that the mortgaged property is so circumstanced
  that a sale of the whole will be most beneficial  to  the  parties,  the
  final  judgment  may  direct  that the whole property be sold discharged
  from the entire mortgage debt and that the proceeds of the  sale,  after
  deducting  the  costs  of  the  action  and the expenses of the sale, be
  either applied to the satisfaction of  the  whole  sum  secured  by  the
  mortgage,  with  such  a  rebate  of interest as justice requires; or be
  first applied to the payment of the sum due, and the balance, or so much
  thereof as is necessary, be invested at interest for the benefit of  the
  plaintiff,  to  be  paid  to  him  from  time to time as any part of the
  principal or interest  becomes  due,  or  may,  at  the  option  of  the
  mortgagee,  direct  that  the whole property be sold to satisfy the debt
  then due with the costs of the action and expenses of the sale,  subject
  to  the  continuing  lien of the mortgage for the amount of the debt not
  then due and unpaid according to its terms.    The  provisions  of  this
  section  shall not limit or affect the plaintiff's right to judgment and
  sale in an action specified in section 1315.
    3. If it appears to the satisfaction of the court that there exists no
  more than one other mortgage on the premisis which is then due and which
  is subordinate only to the  plaintiff's  mortgage  but  is  entitled  to
  priority over all other liens and encumbrances except those described in
  subdivision  2  of  section  1354,  upon  motion  of  the holder of such
  mortgage made without valid objection of  any  other  party,  the  final
  judgement  may  direct payment of the subordinate mortgage debt from the
  proceeds in accordance with subdivision 3 of section 1354.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.