ยง 254-a. Right of election of mortgagee in certain cases. If a bond or
note, or the mortgage on real property, improved by a one to six family
residence occupied by the owner, securing the payment of same, contains
(1) a provision whereby the mortgagee retains the right to accelerate
the due date for payment of the balance of principal upon a transfer or
sale of such real property or by alienation of title of such real
property due to an act or operation of law, and (2) a provision for
payment of any charge, however denominated, in the nature of a
prepayment fee and if a mortgagor sells or transfers his property or if
title to the mortgaged property is transferred by act or operation of
law and the purchaser requests permission to assume the mortgage or take
the mortgaged premises subject to the mortgage, but the mortgagee does
not consent to such request and thereby necessitates prepayment of the
mortgage, the mortgagee shall not levy a prepayment fee; provided,
however, that the provisions of this section shall not apply to the
extent such provisions are inconsistent with any federal law or
regulation.
Structure New York Laws
Article 8 - Conveyances and Mortgages
240 - Definitions and Use of Terms.
240-B - Certain Conveyances Authorized; Effect Thereof.
240-C - Joint Tenancy Severance.
241 - Ancient Conveyances Abolished.
242 - Disclosure Prior to the Sale of Real Property.
243 - Grant of Fee or Freehold.
244 - When Grant Takes Effect.
245 - Estate Which Passes by Grant or Devise.
246 - Certain Deeds Declared Grants.
247 - Conveyance by Tenant for Life or Years of Greater Estate Than Possessed.
248 - Effect of Conveyance Where Property Is Leased.
252 - Lineal and Collateral Warranties Abolished.
253 - Construction of Covenants in Grants of Freehold Interests.
254 - Construction of Clauses and Covenants in Mortgages and Bonds or Notes.
254-A - Right of Election of Mortgagee in Certain Cases.
254-B - Limitation on Late Charges.
254-C - Right to a Copy of Real Property Appraisals and Consumer Reports in Certain Cases.
254-D - Fees by Mortgagee for Direct Payment of Real Property Taxes by Mortgagor Prohibited.
255 - Construction of Grant of Appurtenances and of All the Rights and Estate of Grantor.
257 - Covenants Bind Representatives of Grantor and Mortgagor and Inure to the Benefit of Whom.
258 - Short Forms of Deeds and Mortgages.
260 - Lands Adversely Held May Be Conveyed or Mortgaged.
261 - Maintenance of Telegraph or Other Electric Wires Raises No Presumption of Grant.
265 - Fraudulent Intent, Question of Fact.
265-A - Home Equity Theft Prevention.
265-B - Distressed Property Consulting Contracts.
266 - Rights of Purchaser or Incumbrancer for Valuable Consideration Protected.
267 - Conveyances With Power to Revoke, Determine or Alter.
268 - Disaffirmance of Fraudulent Act by Executor and Others.
269 - When Remainderman May Pay Interest Owed by Life Tenant.
270 - Powers of Courts of Equity Not Abridged.
271 - Construction of Covenants in Mortgages on Leases of Real Property and Bonds or Notes.
272 - Construction of Grant of Appurtenances, and All of the Rights and Estate of the Mortgagor.
273 - What Form of Mortgage on Lease of Real Property.
274 - Transfers and Mortgages of Interest in Decedents' Estates.
274-A - Certificate of Principal Amount Unpaid on Mortgages of Real Property.
275 - Certificate of Discharge of Mortgage Required.
276 - Effect of Certain Easements on the Right to Invest in Mortgages.
277 - Modification and Extension of Mortgage Investment.
277-A - Powers of Fiduciaries and Others Holding Guaranteed Mortgages or Mortgage Investments.
278 - Exchange of Mortgage Investment.
278-A - Sale or Exchange of Certain Real Property or Mortgage Investments Therein Authorized.
279 - Graduated Payment Mortgage.
280 - Reverse Mortgage Loans for Persons Sixty Years of Age or Older.
280-A - Reverse Mortgage Loans for Persons Seventy Years of Age or Older.
280-B - Federal Home Equity Conversion Mortgage Regulation.
280-D - Federal Home Equity Conversion Mortgage Default and Foreclosure Regulation.