In the waning days of 2022, Gov. Kathy Hochul finally signed the Foreclosure Abuse Prevention Act, 2022 NY Sess. Laws of N.Y. Ch. 821 (A. 7737-B) (McKinney’s), which restored long-settled statute of limitations principles that were disturbed by recent appellate decisions that effectively permitted foreclosing lenders to unilaterally manipulate statutes of limitations that apply to all litigants, even Wall Street financial institutions.
There was a lot of hype about this legislation (which the legislature passed with strong bipartisan support) as part of the banking industry’s efforts to scare Hochul into vetoing it, but the truth is that the sky will not fall now that foreclosing lenders are once again bound by the same statute of limitations principles that govern all parties who pursue claims in court.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
