LegalFix

2503 - Undertaking of More Than One Thousand Dollars; Real Property; Lien.

NY CPLR § 2503 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(b) Affidavit of surety. The affidavit of the surety shall contain, in addition to the information required by subdivision (a) of section 2502: 1. a statement that the surety or sureties is or are the sole owner or owners of the real property offered as security; 2. a description of the property, sufficiently identified to establish the lien of the undertaking; 3. a statement of the total amount of the liens, unpaid taxes, and other encumbrances against each property offered; and 4. a statement of the assessed value of each property offered, its market value, and the value of the equity over and above all encumbrances, liens and unpaid taxes.

(c) Filing of affidavit; recording. A duplicate original of the affidavit required by this rule shall be filed in the office of the clerk or register of the county where the real property is located. The following information shall be entered on the individual surety bond liens docket in the office of the clerk or register of the county where the real property is located: 1. the names of the sureties listed in alphabetical order; 2. the amount of the undertaking; 3. a description of the real property or properties offered as security thereunder, sufficiently identified to clearly establish the lien of the undertaking; 4. the date of such recording; 5. the title of the action, proceeding or estate; and 6. the court in which the papers are filed.

(d) Release of lien. The clerk or register of the county where the property is located shall make an entry, which shall constitute a release of the lien for all purposes and as to all persons, upon 1. the filing of a consent acknowledged by the person for whose benefit the undertaking was given in the form required to entitle a deed to be recorded; or 2. the order of the court, discharging the surety, made upon motion with such notice to other persons as the court may direct.

LegalFix

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.

We have updated our Terms of Service, Privacy Policy, and Disclosures. By continuing to browse this site, you agree to our Terms of Service, Privacy Policy, and Disclosures.
2503 - Undertaking of More Than One Thousand Dollars; Real Property; Lien.