§ 265 — Tax a lien; exceptions

New York § 265

• Jurisdiction: New York
• Law TAX: Tax
• Art. 11: Tax On Mortgages

Text

§ 265. Tax a lien; exceptions. The tax in this article imposed shall\nbe deemed and is hereby declared to be a lien upon the mortgage upon\nwhich such tax is imposed and upon the debt or obligation secured\nthereby, except that upon mortgages recorded prior to July first,\nnineteen hundred six, such lien shall extend only to that portion\nthereof represented by the amount advanced subsequently to such date and\nto the debt or obligation secured by such advancement, and for the\npurpose of enforcing the payment of the tax in this article imposed,\nsuch mortgage and the debt thereby secured shall be deemed to be\nproperty within this state notwithstanding that such mortgage may be\nowned by or be in the possession of a person or corporation outside the\nstate and a copy thereof duly certified by the recording officer of any\ncounty in which such mortgage is recorded shall, for the purpose of\nenforcing the payment of such tax, be deemed to be, and shall have the\nsame force and effect as the original mortgage and may be sold to\nsatisfy such tax and upon a sale of the whole or any part thereof, shall\ncarry with it and transfer to the purchaser all the rights, interests\nand obligations of the mortgagee therein named or his assignee or\nsuccessor in interest in and to such mortgage and the debt secured\nthereby, or the part thereof to which such lien attaches, together with\ninterest and costs. The lien of the tax resulting from a deed of trust\nor a deed absolute on its face which is security for a debt or\nobligation shall cease ten years after the recording thereof, provided\nsuch a mortgage is in the hands of a bona fide purchaser for value.\n