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Financial Services Law Insights and Observations

New York Extends Credit Lien Protection for Credit Line Mortgage Advances from 25 to 30 Years

State Issues

The Governor of New York recently signed a statutory amendment extending the lien protection for future advances made under a credit line mortgage from 25 years to 30 years. Subdivision 2 of section 281 of New York’s real property law had provided that a credit line mortgage may secure the original indebtedness and indebtedness created by future advances within 25 years after the recording date of the credit line mortgage. The statutory amendment, Chapter 529 of the New York Laws of 2010, changed the credit lien protection period to 30 years, effective upon enactment.