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What is NYC AC § 27-2136?

Quick Answer

This section outlines the conditions under which a receiver may be discharged after completing authorized repairs and improvements. The discharge occurs upon rendering a full accounting to the court, and any surplus funds must be paid to the owner or mortgagee. Applies to property owners and mortgagees involved in the receiver process.

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

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§ 27-2136 Discharge of receiver.

AC § 27-2136

The receiver shall be discharged upon rendering a full and complete accounting to the court when the repairs and improvements herein authorized are completed and the cost thereof and all other costs authorized herein have been paid or reimbursed from the rents and income of the dwelling and the surplus money, if any, has been paid over to the owner or the mortgagee or lienor as the court may direct. However, at any time, the receiver may be discharged upon filing his or her account as receiver without affecting the right of the department of housing preservation and development to its lien. Upon the completion of the repairs and improvements, the owner, the mortgagee or any lienor may apply for the discharge of the receiver upon payment to the receiver of all moneys expended by him or her therefor and all other costs authorized by section 27-2135 of this article which have not been paid or reimbursed from the rents and income of the dwelling.

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