New York Laws
Article 8 - Conveyances and Mortgages
274-A - Certificate of Principal Amount Unpaid on Mortgages of Real Property.

(b) When used in this section:
(i) "Authorized individual" means the mortgagor, the mortgagor's
attorney, or the attorney representing a banking organization which has
agreed to make a loan secured by the same real property securing the
mortgage for which the mortgage related documents have been requested.
(ii) "Mortgagee" means (1) the current holder of the mortgage of
record or the current holder of the mortgage, (2) any person to whom
payments are required to be made and (3) their personal representatives,
successors and assigns.
(iii) "Bona fide written demand" means a written demand made by an
authorized individual in connection with a sale or refinancing of the
mortgaged property or some other event where the mortgage is reasonably
expected to be paid off or assigned. Such demand shall either be
delivered personally, or by registered or certified mail, postage
prepaid, return receipt requested. The demand shall include the names of
the mortgagor and mortgagee, the address of the mortgaged property, loan
number, the date of the mortgage or the date it was recorded, the
mortgage related documents demanded and the proposed payoff date or date
of assignment of the mortgage, if applicable. If the demand includes a
request for the abstract of title, the demand shall include the
agreement by the mortgagor to pay for a replacement abstract of title,
the cost of which may not exceed the actual replacement cost of such
abstract of title, in the event that the mortgage is not paid off or the
abstract of title is not returned within thirty days of the proposed
payoff date. Such demand shall include the following in capital letters:
"THIS DEMAND IS MADE UNDER SECTION 274-a OF THE REAL PROPERTY LAW.
FAILURE TO COMPLY WITH THIS DEMAND MAY RESULT IN SEVERE PENALTIES."
(iv) "Mortgage-related documents" means:
(1) the abstract of title for the real property securing the mortgage
if such document is in the possession and control of the mortgagee. In
the event that the mortgage is not paid off, the authorized individual
receiving the abstract of title shall within thirty days of the proposed
payoff date return the abstract of title to the mortgagee or other
person so designated by the mortgagee; upon a failure to so return the
abstract of title, the mortgagee may obtain a replacement abstract of
title, the cost of which may not exceed the actual replacement cost of
such abstract of title and which shall be paid by the mortgagor;
(2) a payoff statement setting forth the balance of the mortgage,
including principal, interest and other charges assessed pursuant to the
loan documents, together with a per diem rate for interest accruing
after the date to which the balance has been calculated. The payoff
statement may, in the event that the statement reflects payments which
may have not yet cleared, require the authorized individual to obtain
from the mortgagee a day of payoff verification of the payoff statement.
A payoff statement requiring day of payoff verification shall include,
in addition to the address of the mortgagee, the telephone number of the
mortgagee and, if a banking organization or corporation, the name or
department, and its telephone number and facsimile phone number. Unless
the payoff statement requires a day of payoff verification, a mortgagee
furnishing a payoff statement shall be obligated to make its best effort
to furnish a satisfaction of mortgage upon receipt of the amount set
forth in such statement unless such person subsequently notifies the
authorized individual of an error in the payoff statement. The payoff
statement furnished by a mortgagee shall include a name or department in
addition to the address of the banking organization or corporation for
use in connection with preparation of an affidavit under subdivision
five of section nineteen hundred twenty-one of the real property actions
and proceedings law;
(3) if requested and if the title insurance policy is in the
possession and control of the mortgagee, a copy of such policy or a
statement setting forth the name of the insurer and the number of such
policy.
(v) "Banking organization" shall have the same meaning as provided in
subdivision eleven of section two of the banking law and shall include
any institution chartered or licensed by the United States or any state.

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