N.Y. General Obligations Law § 5-705: Execution and acknowledgment of assumption of mortgage debt by grantee of mortgaged real property

§ 5-705. Execution and acknowledgment of assumption of mortgage debt

by grantee of mortgaged real property. No grantee of real property shall

be liable upon any indebtedness secured by a mortgage thereon executed

prior to the time of the conveyance of the real property to the grantee,

nor shall he be liable for any deficiency that may remain upon the

foreclosure and sale of real property covered by such a mortgage, after

application of the proceeds of sale, unless such grantee shall

simultaneously with the conveyance to him of such real property execute

and acknowledge, before an officer authorized to take acknowledgments of

deeds, a statement in writing stating in substance that such grantee

assumes and agrees to pay such mortgage debt and giving the specific

amount of the debt assumed. The execution and acknowledgment by a

grantee of the deed of conveyance to him containing such written

statement shall be sufficient compliance with the provisions of this

section. This section shall not apply, however, where, subsequent to the

conveyance and upon an extension or modification of the indebtedness

secured by the mortgage, the grantee shall execute and acknowledge,

before an officer authorized to take acknowledgments of deeds, a

statement in writing stating that such grantee assumes and agrees to pay

such mortgage debt, and giving the specific amount of the debt assumed.