New York Laws > Real Property Actions and Proceedings > Article 19-B – Special Proceeding to Convey Title to Abandoned Commercial and Industrial Real Property to City, Town, or Village
Current as of: 2024 | Check for updates
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Other versions
§ 1980 | Applicability |
§ 1981 | Certification of abandonment |
§ 1982 | Notice |
§ 1983 | Commencement of proceeding |
§ 1984 | Decision and judgment of the court |
Terms Used In New York Laws > Real Property Actions and Proceedings > Article 19-B - Special Proceeding to Convey Title to Abandoned Commercial and Industrial Real Property to City, Town, or Village
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.