Relates to actions upon a subordinate bond or note

This bill (S 6971) sets new documentation requirements for lenders seeking to foreclose on residential mortgages in New York. It requires lenders to prove ownership of the mortgage note, provide a complete payment history from loan origination, and document the physical location and chain of custody of the original note. These rules apply specifically to foreclosures on one- to four-family residential properties. The bill also clarifies that defendants can raise statute of limitations or "lack of standing" defenses at any time during the case, not just in initial pleadings.