Statute · New York State Finance Law
N.Y. State Fin. Law § 157 — Release of part of mortgaged premises
N.Y. State Fin. Law § 157
- Type
- Statute
- Source
- New York State Finance Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 157. Release of part of mortgaged premises. If the owner of mortgaged premises sell a part thereof, the comptroller, on application and with the consent of the mortgagor or such owner may release the part of the mortgaged premises sold from the lien of the mortgage. Such release, however,…
Citator
N.Y. State Fin. Law § 157 — Release of part of mortgaged premises is in force in the current edition of the Code, and nothing recorded condemns it.
§ 157. Release of part of mortgaged premises. If the owner of mortgaged premises sell a part thereof, the comptroller, on application and with the consent of the mortgagor or such owner may release the part of the mortgaged premises sold from the lien of the mortgage. Such release, however, shall not be given unless a sum approved by the comptroller shall be first paid upon the mortgage and unless the part of the mortgaged premises remaining unsold, exclusive of buildings and prior liens, is worth double the residue of the mortgage debt. The comptroller shall execute such release in the usual form, which, when acknowledged, shall be recorded by the county clerk and a minute thereof made upon a margin of the mortgage.