2012 New York Consolidated Laws
RPA - Real Property Actions & Proceedings
Article 7 - (701 - 767) SUMMARY PROCEEDING TO RECOVER POSSESSION OF REAL PROPERTY
763 - Redemption by creditor of lessee.

 
    §  763.  Redemption  by  creditor  of lessee.   In a case specified in
  section 761, a judgment  creditor  of  the  lessee  whose  judgment  was
  docketed  in the county before the precept was issued, or a mortgagee of
  the lease whose mortgage was duly recorded  in  the  county  before  the
  precept  was  issued,  unless by the terms of the lease the lessee shall
  have waived his right to  redeem,  or  such  lessee,  or  his  executor,
  administrator  or  assignee  shall have subsequently waived the right to
  redeem by a written instrument filed and recorded in the office in which
  the lease is recorded, or if not so recorded, in  the  office  in  which
  deeds  are  required  to  be  recorded of the county in which the leased
  premises are located, before such judgment was docketed or such mortgage
  recorded, or such judgment creditor  or  mortgagee  himself  shall  have
  waived  in  writing  his  right  to  redeem,  may at any time before the
  expiration of one year after the execution  of  the  warrant,  unless  a
  redemption  has  been  made  as prescribed in section 761, file with the
  court which issued the warrant a notice specifying his interest and  the
  sum  due  to  him,  describing  the premises, and stating that it is his
  intention to redeem as prescribed in this section. If  a  redemption  is
  not made by the lessee, his executor, administrator or assignee within a
  year  after the execution of the warrant, the person so filing a notice,
  or, if two or more persons have filed such notices the one who holds the
  first lien, at any time before two o'clock of the day, not a Sunday or a
  public holiday, next succeeding the last day of the year, may redeem for
  his  own  benefit  in  like  manner  as  the   lessee,   his   executor,
  administrator  or  assignee  might  have  so redeemed. Where two or more
  judgment creditors or mortgagees have filed such notices, the holder  of
  the second lien may so redeem at any time before two o'clock of the day,
  not  a  Sunday  or  a  public holiday, next succeeding that in which the
  holder of the first lien might have redeemed;  and  the  holder  of  the
  third  and  each  subsequent  lien may redeem in like manner at any time
  before two o'clock of the day, not a Sunday or a  public  holiday,  next
  succeeding  that  in  which  his  predecessor might have redeemed. But a
  second or subsequent redemption is not valid unless the person redeeming
  pays or tenders to each of his predecessors who  has  redeemed  the  sum
  paid  by  him  to  redeem  and  also  the  sum  due upon his judgment or
  mortgage; or deposits those sums with the court for the benefit  of  his
  predecessor or predecessors.