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NY State — NY Real Property Actions & Proceedings Law

§ 962 — SECTION 962 Payment of proceeds into court where there are liens

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

What is NY RPAPL § 962?

Quick Answer

This section outlines the requirement for proceeds from the sale of a property share to be paid into court when there are existing liens. The statute specifies that the officer conducting the sale must deduct applicable costs and expenses before making this payment. Applies to parties involved in property sales with existing liens.

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

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§ 962 SECTION 962 Payment of proceeds into court where there are liens

RPAPL § 962

If there is any existing lien upon the share or interest of a party in the property, the interlocutory judgment directing the sale shall direct the officer making it to pay into court the portion of the money arising from the sale of the share or interest of that party after deducting the portion of the costs and expenses for which it is liable.

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