N.Y. RPA Law § 1932

§ 1932. Discharge of record of ancient mortgage where time of maturity\nis dependent on contingent event related to use of premises. 1. The lien\nof every mortgage or conveyance of real estate in this state given as\nsecurity for the payment of money, recorded more than seventy-five years\nago, where the time of maturity thereof is dependent solely upon the\noccurrence of a contingent event relating to use of the mortgaged\npremises for religious purposes, and where the reason for such use no\nlonger applies to the mortgaged premises because of changes in the type\nof neighborhood in which the premises are situated, may be discharged of\nrecord by judgment of the supreme court in the county where the\nmortgaged premises are situated, or of the county court of such county,\nin the manner provided in this section.\n 2. The court, upon presentation of a petition, together with an\nofficial search of the recording officer in whose office the mortgage is\nrecorded or a search prepared by a person duly licensed and admitted to\npractice law in this state or by a title company duly incorporated and\nauthorized to transact business in this state showing such recordation\nand assignments of record, if any, the petition showing such contingent\nevent relating to the use of the mortgaged premises for religious\npurposes and that the reason for such use no longer applies to the\nmortgaged premises because of changes in the type of neighborhood in\nwhich the mortgaged premises are situated, and showing that the\npetitioner has made reasonable effort to locate the mortgagee or other\nperson or persons authorized to execute and deliver a satisfaction of\nsuch mortgage or conveyance but has been unable to do so after the\nexercise of reasonable diligence, shall make an order requiring all\npersons interested to show cause at a certain time and place, why such\nmortgage should not be discharged of record. Such order to show cause\nand the publication and service thereof shall comply with the\nrequirements of section 1931 of this chapter, and the proceedings on the\nreturn of such order to show cause shall comply with the requirements of\nsection 1931 of this chapter except as to the allegation of payment and\nevidence to rebut the presumption thereof.\n 3. Any judgment of the court thereon discharging the mortgage of\nrecord shall be made only upon proof of such contingent event relating\nto use of the mortgaged premises for religious purposes, and of the\nchanges in the type of neighborhood in which the mortgaged premises are\nsituated, showing that the reason for such use no longer applies to the\nmortgaged premises, and upon proof of the other matters alleged in the\npetition; and any such judgment shall be made without prejudice to the\nright, if any, of the mortgagee, his representatives or assigns or other\nperson or persons to receive or collect the mortgage debt in any action\nor proceeding not affecting such mortgaged premises.\n