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NY State — NY Real Property Actions & Proceedings Law

§ 923 — SECTION 923 Security for credit on sale

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

What is NY RPAPL § 923?

Quick Answer

This section outlines the requirements for securing credit on a property sale through a mortgage and bond. It allows for additional security as prescribed by the court and specifies that the officer conducting the sale may take separate mortgages in the name of the county treasurer. Applies to property transactions involving purchase-money credit.

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

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§ 923 SECTION 923 Security for credit on sale

RPAPL § 923

The portion of the purchase-money for which credit is allowed in the interlocutory judgment shall be secured at interest by a mortgage upon the property sold, with a bond of the purchaser; and by such additional security, if any, as the court prescribes. The officer making the sale may take separate mortgages and other securities in the name of the county treasurer of the county in which the property is situated for such convenient portions of the purchase-money as are directed by the court to be invested; and in the name of the owner, for the share of any known owner of full age who desires to have it invested.

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