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2 Erie Cnty. B. Bull. 1 (1934-1935)

handle is hein.baecl/ericoubarb0002 and id is 1 raw text is: Eri (founty iar Builetin October 10, 1934 BULLETIN BEGINS SECOND YEAR In this issue the Bulletin Committee points out the interesting decisions rendered since June 1, 1934. Some have been published in the reports; some have not. At this time, however, since the summer has attractions more pleasant than the reading of advance sheets, completeness has been deemed a service to the members of the bar. Correspondence on subjects of interest to law- yers is invited. What practical and legal prob- lems currently perturb the bar? Excerpts from letters having general interest will be published in the discretion of the Bulletin Committee. The Bulletin at all times welcomes comment, criticism, and suggestions. LEGISLATION Recent amendments to the Civil Practice Act, Stock Corporation Law, and Executive Law per- mitting service on domestic corporations by de- livery of process to the Secretary of State should be noted by all attorneys. These amendments become effective January 1, 1935, and corporate clients should be advised to file before that date a certificate designating an address to which such process is to be forwarded by the Secretary of State. Recent amendments to the Civil Practice Act include the following: New Section 977-a, in effect August 31, 1934, provides that where no answer affecting the validity of the mortgage or the amount due is interposed in a foreclosure action, the court may direct the receiver to apply money collected by him toward payment of accrued interest on the indebtedness. Sections 1389, 1391, and 1394 are amended and a new section 1395-a is added, permitting the mortgaging of property belonging to an in- fant or incompetent without the appointment of a guardian or committee where the Home Owners Loan Corporation is the proposed mortgagee. New Section 1077-cc, added August 24, 1934, provides that during the emergency period, the maturity of an obligation originally contracted in connection with a mortgage on real estate shall not in any event increase the rate of in- terest on such obligation. Section 1087 was amended August 31, 1934 so that a judgment in a foreclosure action may provide that the referee need not pay taxes out of the proceeds of the sale. New Section 1087-a permits a referee on a foreclosure sale to accept a purchase money mortgage as part of the purchase price under certain specified conditions. New Section 35-e of the Tax Law imposes a 1% emergency tax on net incomes for one year (1934). Surrogate's Court Act Section 285-2, in effect August 24, 1934, provides for certain additional commissions to executors, administrators, and trustees for servicing bonds and mortgages dur- ing the emergency period. By Chapter 914 of the Laws of 1934, banks and insurance companies are permitted to make loans on the security of guaranteed mortgage certificates during the existence of the emergency. REAL ESTATE RECEIVER UNDER FIRST MORTGAGE NOT ENTITLED TO UNPAID RENTS AC- CRUED BEFORE HIS APPOINTMENT AS AGAINST SECOND MORTGAGEE HAVING ASSIGNMENT OF RENTS.-The vigilance of a second mortgagee who entered into possession of the mortgaged premises under an assignment of rents, prior to the foreclosure of and appoint- ment of a receiver under the first mortgage, was rewarded in New York Life Ins. Co. v. Fulton Development Corp. The receiver claimed the rents which were past due and unpaid at the time of his appointment. His claim was rejected upon the ground that the receiver could collect only such accrued and unpaid rents as were due to the owner, but not those title to which had passed to a third party. A. D. 1st Dept., May 4, 1934. An appeal has been taken to the Court of Appeals. LANDLORD ENTITLED AS AGAINST RE- CEIVER TO ACCRUED UNPAID RENT. - In North Jefferson Corp. v. Moylan, City Court Vol. II-Page 1

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