Act 3135

Act 3135 — the 1924 statute (as amended) governing extrajudicial foreclosure: notice and publication requirements, the public auction before a notary/sheriff, and the redemption regime — one year from registration of the sale for individuals, with the General Banking Law shortening it to at most three months (or until registration) for juridical mortgagors of banks. Three pages long and readable in fifteen minutes; the legal floor under the entire foreclosure market of lesson 3.6.

First used in: 3.6 · Foreclosures end-to-end