Document Update: MT Acknowledgment that Real Property is Not Exempt From Execution (Cx1412)
Jul 5, 2022
New York Lien Law § 22 requires that a building loan contract, in writing and duly acknowledged with a statement under oath, must show the consideration paid, all other expenses to be incurred in connection therewith, and the net sum available to the borrower. We are updating our NY Section 22 Affidavit (Cx14622) to remove the references to the Mortgage Loan agreement. This document is not presently utilized in our Construction loans. We also are removing the references to rehabilitation, replacing it with the word construction instead to add clarity.
Effective Date
These changes will be in effect on July 12, 2022. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
COM-250
DR-81665
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.