§ 1931. Discharge of record of ancient mortgages presumed paid. 1.\nThe mortgagor, his heirs or any person having any interest in any lands\ndescribed in any mortgage of real estate in this state, which is\nrecorded in this state, or mentioned in a deed recorded in this state,\nand which, from the lapse of time, is presumed to be paid, or in any\nmoneys into which said lands have been converted under a decree of a\ncourt of competent jurisdiction, and which are held in place of such\nlands to answer such mortgage, may present his petition together with an\nofficial search of the recording officer in whose office the mortgage is\nrecorded, or a search prepared by a person duly licensed and admitted to\npractice law in this state or by a title company duly incorporated and\nauthorized to transact business in this state showing assignments of\nrecord, if any, to the courts mentioned in this article, asking that\nsuch mortgage may be discharged of record.\n 2. Such petition shall be verified; it shall describe the mortgage,\nand when and where recorded, or if such mortgage is not recorded that\nthe same may be adjudged to have been paid and to be no longer a lien\nupon the lands therein described, and shall allege that such mortgage is\npaid; that the mortgagee has, or, if there be more than one mortgagee,\nthat all of them have been dead for more than five years; or if such\nmortgage has been assigned by an instrument in writing for that purpose\nexecuted and acknowledged, so as to entitle the same to be recorded, and\nsuch instrument of assignment has been recorded in the office of the\nclerk of the county where the mortgaged premises or some portion thereof\nis situated, and the assignee or assignees of said mortgage have been\ndead for more than five years, such petition shall state such facts, and\nno statement respecting the mortgagee or mortgagees or the names and\nplaces of residence of their heirs shall be required; or if such\nmortgagee be a corporation or association, that such corporation or\nassociation has ceased to exist and do business as such for more than\nfive years; the time and place of his or their death, and place of\nresidence at the time of his or their death; whether or not letters\ntestamentary or of administration have been taken out, or, if said\nmortgagee or mortgagees, or assignee or assignees at the time of his or\ntheir death resided out of this state, whether or not letters\ntestamentary or of administration have been taken out in the county\nwhere such mortgaged premises are situated; or if a corporation or\nassociation, its last place of business; the names and places of\nresidence, as far as the same can be ascertained, of the heirs of such\nmortgagee or mortgagees, or assignee or assignees; or, if such mortgagee\nbe a corporation or association, then the names of one or more of the\nreceivers, if any were appointed, or of the person who has the care of\nthe closing up of the business of such corporation or association, and\nthat such mortgage has not been assigned or transferred, and if such\nmortgage has been assigned, state to whom and the facts in regard to the\nsame.\n Provided, however, that if such mortgage has been duly assigned, by\nindorsement thereof or otherwise, but not acknowledged so as to entitle\nthe same to be recorded, then it shall be competent for the court, at\nany time within the period aforesaid, upon proof that all the matters\nhereinbefore required to be stated in said petition are true, and that\nthe assignee of such mortgage if living, or his personal representative\nif dead, has been paid the amount due thereon, to make an order that\nsuch mortgage be discharged of record.\n Provided, further, that in case of a mortgage which was recorded or\nadjudged to have been paid and no longer a lien, more than fifty years\nprior to the presentation of such petition, if the petitioner is unable\nwith reasonable diligence to ascertain the facts herein required to be\nstated
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.