(Republished with permission from Weiner Brodsky Kider)
On February 13, 2026, the governor of New York signed into law clarifications to a previous amendment of the state’s procedures for accepting payoff payments and discharging mortgages.
In late 2025, the New York legislature enacted an amendment requiring mortgagees to accept and promptly apply any payments received at the location and manner specified in a payoff statement. However, the lawmakers quickly identified ambiguities regarding the practicality of the amendment and the impact of partial payments and mortgage discharges.
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