N.Y. General Obligations Law 9-101 – Liability of receiver of rents and profits appointed in mortgage foreclosure
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§ 9-101. Liability of receiver of rents and profits appointed in mortgage foreclosure. A receiver of rents and profits appointed in an action to foreclose a mortgage upon real property shall be liable, in his official capacity, for injury to person or property sustained by reason of conditions on the premises, in a case where an owner would have been liable. Nothing herein contained shall be construed to enlarge the liability of the receiver in his personal capacity.
Terms Used In N.Y. General Obligations Law 9-101
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.