In Investors Bank v. Trylon/Crest Construction, Inc., 2016 WL 5922751 (N.J. App. Div. Oct. 12, 2016), the Appellate Division affirmed the Trial Court’s discharge of a rent receiver over the defendant’s objection that the receiver was required to make certain payments to the defendant. In October 2008, the defendant borrowed $5,200,000 from the plaintiff, Investors Bank (the “Bank”), secured by a first mortgage on property owned by the defendant. In addition, the mortgage granted the Bank the right to have a rent receiver appointed for the property.

Recent changes to New York’s foreclosure statutory scheme are set to go into effect on December 20, 2016. These wide-ranging revisions include the following amendments: