Sidor som bilder
PDF
ePub

reference to the foreclosure, release or satisfaction of mortgages shall apply to mortgages on registered property or on any estate, right or interest therein, except as herein otherwise provided, and except that until notice of the pendency of any suit to enforce such mortgage, charge, lien or incumbrance is filed in the registrar's office and a memorial thereof entered on the certificate in the title book, the pendency of such suit shall not be notice to the registrar or to any person dealing with the property or any right or interest therein. Upon the sale under foreclosure or other action or proceeding directing the sale of real property, the title to which is then a registered title, it shall be the duty of the officer making the sale to report such sale to the justice assigned to the "title part" of the special term, who shall thereupon designate an official examiner of title to examine into the action or proceeding or any other fact or circumstance affecting the title since the last registration thereof. The examiner of title shall prepare his report immediately and shall file one copy with the court designating him and one copy with the officer making the sale. The officer making the sale shall not deliver a deed of the property sold until the examiner's report is filed with him showing the regularity of the acts and proceedings subsequent to the last registration of title. The justice of the "title part" shall upon the production of the deed from the officer making the sale and upon the report of the examiner approve said deed and make an order directing the registrar to register the title accordingly. The fees for the services of the official examiner under this section shall not exceed the sum of five dollars unless an additional allowance is directed by the justice of the "title part." (Amended by L. 1918, ch. 572, in effect May 8, 1918.)

Derivation: L. 1908, ch. 444, § 52.

§ 420-a. Registration under judicial sales.

(Added by L. 1916, ch. 547; repealed by L. 1918, ch. 572, in effect May 8, 1918.)

§ 421. Powers of attorney to be filed and registered.

Before any person can convey, charge, incumber or otherwise deal with any registered property, or any estate, right or interest therein, as attorney in fact for another, the deed or instrument empowering him so to act shall be filed with the registrar and a

[ocr errors]

memorial thereof shall be entered upon the certificate in the title book, in like manner as in the case of a charge or incumbrance. A revocation of such power of attorney may be registered in like manner as such power of attorney was registered. (Amended by L. 1916, ch. 547, in effect May 15, 1916.) Derivation: L. 1908, ch. 444, § 53.

§ 422. Reference of doubtful matters to the court.

When the registrar is in doubt, and the parties in interest fail to agree as to the proper memorial to be made in the title book of any deed, mortgage or other voluntary instrument presented for registration, the questions shall be referred to the court for decision, either on the certificate of the registrar stating the question, or upon the suggestion in writing of any party or parties in interest; and the court, after due notice to all parties in interest, and a hearing, if necessary or proper, shall enter an order prescribing the form of the memorial to be made by the registrar, who shall make the memorial accordingly. In any judicial proceeding affecting property, the title to which is then a registered title, the court upon the application in writing of any party or parties in interest after due notice to all other parties in interest and a hearing, if necessary or proper, shall enter an order prescribing the form of any memorial that should be made by the registrar in the title book because or as the result of such proceeding; and the registrar, upon the production of a certified copy of such order, shall make the proper memorial in accordance with such order. After making such memorial in the title book the registrar shall also make all other memorials on existing certificates or make and deliver any new certificates according to the circumstances and in the manner required herein. (Amended by L. 1916, ch. 547, in effect May 15, 1916.) Derivation: L. 1908, ch. 444, § 54.

§ 423. Death of owner of registered property; transfer of property.

Upon the death of an owner of registered real property or any estate, right, or interest therein, his heirs-at-law or devisees, at any time after the due entry of a decree of the surrogate's court, probating his will and granting letters testamentary thereon or granting letters of administration, or in case of an appeal from such decree at any time after the entry of a final decree, may make

petition to the court for an order directing the registrar in whose name or names and in what manner the title shall be registered and new certificate or certificates issued thereon. Two or more heirs or devisees may unite in one such petition. On such petition the court, after due notice to all parties in interest and a hearing, if necessary or proper, may enter an order prescribing the name or names and manner in which the title shall be registered. On such petition the certificate of title of the deceased owner, or a duplicate copy thereof, shall be sufficient and conclusive evidence of his title at the time of his death, and no other evidence of the title up to that, time may be produced.

Upon the coming to age, or freedom from disability of a person whose guardian or committee is a registered owner as above described, or upon a transfer of the powers and duties of an executor, trustee or other person acting in a representative capacity, or upon any other transfer of registered ownership or nominal change of ownership by death or process of law or otherwise in a case not otherwise provided for by this article, a petition may be made to the court for an order directing the registrar as to the persons in whose name or names and in what manner the title shall be registered and a new certificate issued; and the court, on such petition and on due notice to the persons who in the opinion of the court shall be parties in interest and after a hearing, if deemed necessary or proper, shall enter an order prescribing the name or names and the manner in which the title shall be registered. (Amended by L. 1916, ch. 547; L. 1918, ch. 572, in effect May 8, 1918.)

Derivation: L. 1908, ch. 444, § 55.

7

§ 424. Certificate of title during settlement of estate.

Any new certificate of title, made and entered as prescribed in the preceding section before the final settlement in the surrogate's court of the personal estate of the deceased owner of the real property, shall state expressly that it is made and entered because of transfer of the title from the last certificate by descent or devise, and that such personal estate is in process of settlement. After the final settlement of such personal estate in the surrogate's court, or after the expiration of the time allowed by the code of civil procedure for bringing a proceeding for selling, mortgaging or leasing the real property of the deceased owner for the payment of his

debts, the heirs-at-law or devisees may apply to the court in the registration proceeding for an order directing the cancellation of said memorial upon the certificate, which memorial showed that the personal estate was in the course of settlement, and the court, after being satisfied by due proof that said personal estate is completely settled or that said time to apply for selling, mortgaging or leasing the said real property has expired, shall make an order directing the cancellation of said memorial; but the liability of heirs or devisees of registered property, or of such property itself, for claims against the deceased or his estate shall not be in any way diminished or changed by this article. (Amended by L 1916, ch. 547; L. 1918, ch. 572, in effect May 8, 1918.) Derivation: L. 1908, ch. 444, § 56.

§ 425. Title derived through execution of a power in a will.

When the will of a deceased registered owner of real property, or of any estate, right or interest therein, empowers the executor or executors to sell, incumber or otherwise deal with such property, estate, right or interest, it shall not be necessary for such executor or executors to be registered as the owner or owners thereof; but any person who acquires title through or by virtue of the execution of such power may have such title registered, by proceeding in the same manner as heirs or devisees of a deceased registered owner of real property, as directed and provided by this article.

Derivation: L. 1908, ch. 444, § 57.

§ 426. Assurance fund.

Upon the original registration of real property, there shall be paid to the registrar one-tenth of one per centum of the value thereof on the basis of the last assessment for local taxation. All moneys received by the registrar under the provisions of this section shall be paid to the treasurer of the county (in New York city to the city chamberlain), as an assurance fund for land registered in his county and shall be treated in the same manner as are other funds received for local taxation or for the reduction of the county or city debt. Said treasurer (or city chamberlain) shall keep a separate account of such funds and report annually thereon as required by law in reference to other funds in his hands. (Amended by L. 1916, ch. 547; L. 1918, ch. 572, in effect May 8, 1918.)

Derivation: L. 1908, ch. 444, § 58.

[ocr errors]

§ 427. Compensation from assurance fund.

Any person who, without negligence on his part, sustains loss or damage or is deprived of real property, or of any estate, right or interest therein because of the registration of another person as owner of such property, or of any estate, right, or interest therein, through fraud, or in consequence of any error, omission, mistake or misdescription in any certificate of title or in any entry or memorial in the title book, shall have a cause of action against the county treasurer (in New York city the city chamberlain) to recover compensation for such loss or damage. (Amended by L. 1916, ch. 547, in effect May 15, 1916.)

Derivation: L. 1908, ch. 444, § 59.

§ 428. Action against assurance fund.

Any allowed claim for indemnity shall be paid in the same manner as other claims against the county. In the city of New York a claim shall be passed upon and approved by the registrar and by the corporation counsel of the city before payment is allowed.

t

The rejection of a claim by the proper county officials (or in the city of New York by the registrar and corporation counsel) shall not preclude the claimant from bringing an action to recover such claim. No claim or judgment on a claim for indemnity shall be binding on the county or on the county treasurer (in New York city the city chamberlain) for an amount exceeding the amount credited to the assurance fund. If the amount credited to the assurance fund is insufficient to pay the claim or judgment in full, the unpaid balance shall bear interest at the legal rate and shall be paid out of the first moneys coming into said assurance fund. If any right of action against any person for damages for negligence or other cause, or under any covenant or contract of warranty or guaranty or otherwise, exists in favor of the person to whom indemnity is paid, the county treasurer (in New York city the city chamberlain) shall be deemed to be subrogated to such right and may bring an action to recover thereunder. Any amounts recovered by the county treasurer (in New York city the city chamberlain) under such an action shall be credited to the account of the assurance fund. Until the assurance fund provided as aforesaid shall have been exhausted, payment for any such losses or damages shall be made out of such fund. (Amended by L. 1916, ch. 547, in effect May 15, 1916.) Derivation: L. 1908, ch. 444, § 60.

[ocr errors]
« FöregåendeFortsätt »