§ 955 — Payments by mortgage investing institutions; receipts

New York § 955

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 3-A: Real Property Tax Escrow Accounts
• Art. 9: Levy and Collection of Taxes

Text

§ 955. Payments by mortgage investing institutions; receipts. 1. A\nmortgage investing institution which receives moneys from a mortgagor\nfor deposit into a real property tax escrow account shall be liable to\nsuch mortgagor, upon failure to pay such taxes, for the amount of the\ntaxes plus penalties and interest imposed thereon.\n 2. A mortgage investing institution may pay the taxes due on more than\none parcel by a single instrument, provided the instrument is\naccompanied by a detailed list of the specific parcels to which the\ninstrument is to be applied, each parcel identification number and the\namount of tax to be paid with respect to each parcel. If the face value\nof the instrument is at least equal to the total intended payment as\nindicated by such list, but the total intended payment does not equal\nthe total amount of taxes actually due on the parcels on the list, the\ncollecting officer shall accept the instrument and record as paid the\ntaxes due on each parcel for which the amount offered as set forth in\nsuch list is at least equal to the amount due on such parcel. The lien\non each remaining parcel on such list shall not be discharged or\ndiminished by the acceptance of such instrument. The collecting officer\nshall forthwith advise the mortgage investing institution or its agent\nthat the taxes on the remaining parcels remain unpaid, and shall\nidentify the parcels on the list upon which taxes remain unpaid. The\namount of the tender which has not been applied to the payment of taxes\nshall be either retained to be applied toward tax payments or refunded.\n 3. No later than three weeks after a tax has been paid by a mortgage\ninvesting institution pursuant to this title, the collecting officer\nshall deliver, mail, or, subject to the provisions of section one\nhundred four of this chapter, transmit electronically a receipt to the\nmortgagor for whom the real property tax escrow account is maintained.\nEach such receipt shall be in the same format as a statement of taxes,\nexcept that the word "Paid" (or an equivalent word or words) and the\ndate of payment shall be clearly displayed thereon. The receipt may also\ndisplay, if the collecting officer so elects, the name, title and\nsignature (or initials) of the collecting officer or of the authorized\nsubordinate who received the payment.\n 4. Notwithstanding the provisions of any other law to the contrary,\nand except in a school district, if a mortgage investing institution has\nfailed to pay the taxes of its mortgagor by the date the warrant of the\ncollecting officer expires, the collecting officer shall provide the\nname of such mortgage investing institution with the return of\ndelinquent taxes delivered to the public official charged by law with\nthe duty of enforcing the collecting of delinquent real property taxes.\nThereafter, whenever such officer publishes a notice pertaining to the\nenforcement of delinquent taxes against a parcel listed on such return,\nand the name of the mortgagor is included therein, the name of the\nmortgage investing institution shall also be included.\n