New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-03
THE MORTGAGETAX BILL.
Tert of Some of the Significant
Sections of the Measure.
Ing TELEGRAPH TO THE TRIBuNE.I

tBE TELEGRAPH TO THE TRIBUEE.l
Albany, April 2-The following the more i'm
Rortant of the provisions of the Mortgage Tax bi
prepared by the Assembly Committee Taxation
N cooperation with the similar committee in the
senate 1t was adopted BY the Republican Senators
several weeks age in a and by the Assembly
Republicans IN a similar party caucus last Monday
night Both branches OF the legislature have this
measure on their calendars IN such position that
they can pass It IN the course OF the present week
The text OF the several significant sections of the
bill follows
section 2eA-Levying Of tax.-Subject 10 the pro-
nssohS OF section two hundred and ninety-thTee
every debt and Obligation. and upon the mortgage
securing the same, described In section two hun
mills each dollar Of the amount Of the principal
ococ u s 0ogatlon as Ihe same sha pe at nine
teen hundred and 1--WE. and in each year thereafter
as hereinafter provided At said hour in each year
hens for sad tax shall attach ana shall be deemed
70 have attached upon each Of said debts and
same and upon all interest obligations and other
obligations collateral thereto. and upon all future
and upon an paper writings evidencins the same
against the legal and equitable owners Of said
debts, obligations and securities. whoever they may
persons claiming who may at any time claim
through or under them. and against an persons
10 the benefit OF any mortgage by virtue Of owning
writing evideRcins debt or obligation secured
thereby or who may at any time become so en-
cages made on or after the first day of June nine
teen hundred and five which do not contain the
statement prescribed in section two hundred and
ninetyhve the rate OF the regular annual tax shai
be six mills the dollar. Executory contracts Tor
the sale OF real estate. under which the vendee mas
Tn N Sor TIE nIrposes of this article
Sec. 80 Statement Of secured Indebtedness pay
made on or after said first day Of June nineteen
hundred and ve shall contain at tine ena
OF the amount advanced at that time on SAID mort
gage and Of the maximum amount Of principal in
oebtedness obligations not including interest
taxes assessme1ts' water rates insurance OF o' tbe
mortgage lien, which under any contingency
bv The MORTGAGE said statement shall at all times,
and for al purposes. be binding and conclusive on
ing or to claim through or under them either
Of them. No such mortgage shall be accepted for for
meridian of the first day Of July OF any year
less there shall have been paid, or at the same time
shall be paid tax at me S TsIe o. 81 se an1m
amount aforesaid for the period between the cate
Of July. II said mortgage by its terms falls due
before the next succeeding first day OF July 10 the
earlier due date OF such mortgage.
Sec PC. Payment Of tax-The annual taxes as
imposed by this article. shall respectively, be pay
able TO the proper oiticer at the TeeoTaing once
where the mortgage IS hTst oIeIea lot IecoIo IN
this state. until the same Is satlsned OF record
Sec 2s7. Date OF payment Of annual taK S-;Cs
regular annual tax imposed by secnon Two nlaIeG
prior to the frst day Of November Of the year in
which they fan due respectively shall bear interest
al the rate Of one per centum per month from said
first day Of November until paid.
Sec 80S. Papers not to be recorded.-No record
ing oficer of the State shall record accept for
record any satisfaction piece release, certificate or
other paper pertaining to any n9Ttgage RECORDED e
than an assignment. the statement referred to IN
section three hundred and one, paper issuing from
a court. or from the State Board OF Tax commas
sioners or from the State Controller, or in any
proceeding TO enforce the payment Of the tax i'm
posed by this article till all taxes imposed by this
article which shall have accrued with respect 10
such mortgage shall have been first paid.
Sec 3O9. No foreclosure until taxes pa1d---After
nine o'clock ante meridian the first day OF July
IN the year nineteen hundred and nve no maj oroer
decree shall be made or entered by any Judge
or court IN any case based upon mortgage OF real
estate located within this state. given executed or
or upon any debt obligation secured by such a
mortgage, until the court judge shall first have
been satisfied that all taxes and interest IN Tespeet
Of such mortgage debt or obligation nave peen paio
except in action proceeding to enforce me
payment Of the taxes imposed by this article.
Sec. ga Optional payment on prior naortgages-
ANY person who IS the owner Of a mortgage here
tofore executed, and subject to taxation under sec
lions ninetyfour, inclusive, Of this act, may
clerk where said mortgage is recorded a triplicate
statement IN a form to be prescribed by the State
Board Of Tax Commissioners. specifying the date
OF the mortgage, the date OF record, the properly
covered and the amount secured by said mortgage;
one of which statements shall be filed IN the office
Of said county clerk; OF said statements with
iyered TO the Of the mortgage. and the other
shall be fled with the State Board Of Tax Commits
soners. And thereafter said debt and obligation
for the payment OF money secured py sdlu HioIl-
gage together with the mortgage and the property
Upon which the lien thereof rests shall be subject
10 all the provisions Of this article with the same
de- executed. delivered and recorded at date
subsequent 10 the enactment OF this article ana
shall thereafter be taxed under the provisions OF
this article and shall be entitled TO the exemption
contained fn section two hundred and ninety-tWo.