NY State — NY Real Property Law

§ 429 — SECTION 429 Restrictions on claims against assurance fund

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Statute text reproduced from nysenate.gov. Not attorney-reviewed for your situation — for reference only.

What is NY RPL § 429?

Quick Answer

This section establishes limitations on claims against the assurance fund, stating that recovery is capped at the fair market value of the property when the right to action first accrued. It also mandates that any action to recover damages must be initiated within six years from that time. Applies to individuals seeking claims against the assurance fund.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 429 SECTION 429 Restrictions on claims against assurance fund

RPL § 429

No person shall recover from the assurance fund, or the county or city general fund after the assurance fund has been terminated pursuant to section four hundred twenty-six of this article, any greater sum than the fair market value of the property at the time the right to bring such action first accrued. Any action or proceeding to recover damages out of the assurance fund shall be commenced within six years from the time when the right to begin the same accrued, and not afterward, and such time shall not be extended because of any disability.

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