New York is the most common jurisdiction selected to govern mortgage loan documents, even for collateral located outside New York state (including for multi-asset portfolio loans). Lenders often utilize “split-law” in mortgages (where New York law applies to all aspects except for such items as local state-specific perfection, recovery and other procedural requirements).
However, this practice can have unintended consequences due to some inconsistency in the application of New York’s traditional recovery requirements and limitations on recovery to out-of-state collateral.
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