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Section 275 of the Real Property Law of the State of New York was amended by chapter 467 of the laws of 2005. Effective November 7, 2005 the new law expands upon the requirement for lenders to promptly satisfy mortgages after payment in full has been made. The statute provides that failure by a mortgagee to present to the mortgagor or his designated agent a certificate of discharge, or satisfaction of mortgage, for recording shall result in the mortgagee being liable to the mortgagor in the amount of $500 for failure to discharge within 30 days, $1000 for failure to discharge within 60 days, and $1500 for failure to discharge within 90 days.
The Seaport Title Agency - 106 Woodcleft Avenue - 2nd Floor - Freeport, NY 11520
Phone: (516) 867-5100 - Fax: (516) 867-5700
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