N.Y. Comp. Codes R. & Regs. tit. 22 § 1400.5

Current through Register Vol. 46, No. 51, December 18, 2024

Section 1400.5 - Security interests

(a) An attorney may obtain a confession of judgment or promissory note, take a lien on real property, or otherwise obtain a security interest to secure his or her fee only where:

(1) the retainer agreement provides that a security interest may be sought;

(2) notice of an application for a security interest has been given to the other spouse; and

(3) the court grants approval for the security interest after submission of an application for counsel fees.

(b) Notwithstanding the provisions of subdivision (a) of this section, an attorney shall not foreclose on a mortgage placed on the marital residence while the spouse who consents to the mortgage remains the titleholder and the residence remains the spouse' s primary residence.

N.Y. Comp. Codes R. & Regs. Tit. 22 § 1400.5