N.Y. Real Property Actions & Proceedings Law § 1932: Discharge of record of ancient mortgage where time of maturity is dependent on contingent event related to use of premises

§ 1932. Discharge of record of ancient mortgage where time of maturity

is dependent on contingent event related to use of premises. 1. The lien

of every mortgage or conveyance of real estate in this state given as

security for the payment of money, recorded more than seventy-five years

ago, where the time of maturity thereof is dependent solely upon the

occurrence of a contingent event relating to use of the mortgaged

premises for religious purposes, and where the reason for such use no

longer applies to the mortgaged premises because of changes in the type

of neighborhood in which the premises are situated, may be discharged of

record by judgment of the supreme court in the county where the

mortgaged premises are situated, or of the county court of such county,

in the manner provided in this section.

2. The court, upon presentation of a petition, together with an

official search of the recording officer in whose office the mortgage is

recorded or a search prepared by a person duly licensed and admitted to

practice law in this state or by a title company duly incorporated and

authorized to transact business in this state showing such recordation

and assignments of record, if any, the petition showing such contingent

event relating to the use of the mortgaged premises for religious

purposes and that the reason for such use no longer applies to the

mortgaged premises because of changes in the type of neighborhood in

which the mortgaged premises are situated, and showing that the

petitioner has made reasonable effort to locate the mortgagee or other

person or persons authorized to execute and deliver a satisfaction of

such mortgage or conveyance but has been unable to do so after the

exercise of reasonable diligence, shall make an order requiring all

persons interested to show cause at a certain time and place, why such

mortgage should not be discharged of record. Such order to show cause

and the publication and service thereof shall comply with the

requirements of section 1931 of this chapter, and the proceedings on the

return of such order to show cause shall comply with the requirements of

section 1931 of this chapter except as to the allegation of payment and

evidence to rebut the presumption thereof.

3. Any judgment of the court thereon discharging the mortgage of

record shall be made only upon proof of such contingent event relating

to use of the mortgaged premises for religious purposes, and of the

changes in the type of neighborhood in which the mortgaged premises are

situated, showing that the reason for such use no longer applies to the

mortgaged premises, and upon proof of the other matters alleged in the

petition; and any such judgment shall be made without prejudice to the

right, if any, of the mortgagee, his representatives or assigns or other

person or persons to receive or collect the mortgage debt in any action

or proceeding not affecting such mortgaged premises.