1503 - Action to determine claims where foreclosure of mortgage was void or voidable. - New York Statutes

§ 1503. Action to determine claims where foreclosure of mortgage was void or voidable. When real property has been sold pursuant to a judgment in an action to foreclose a mortgage under article 13 of this chapter or pursuant to article 14 of this chapter, or has been conveyed to the mortgagee or the designee of such mortgagee by deed in lieu of foreclosure, and it appears from the public records or from the allegations of the complaint that such judgment, sale or conveyance was or may have been, for any reason, void or voidable as against any person, including an owner of the real property mortgaged, the purchaser or such mortgagee or designee, or the successor of any such person, in possession of such real property, may maintain an action as provided in this article to determine the right of any person to set aside such judgment, sale or conveyance or to enforce an equity of redemption or to recover possession of the property, or the right of any junior mortgagee to foreclose a mortgage. Such action may be maintained even though an action against the defendant to foreclose the mortgage under which the judgment, sale or conveyance was made, or to extinguish a right of redemption, would be barred by the statutes of limitation.