NY Tax L § 264 (2021)
2021 New York Laws TAX - Tax Article 11 - Tax on Mortgages 264 - Tax on Prior Advance Mortgages.

§  264.    Tax  on prior advance mortgages.   Whenever any part of the   amount of the principal indebtedness which is or under  any  contingency   may  be  secured  by  a  mortgage recorded prior to July first, nineteen   hundred and six, is advanced after July first, nineteen hundred and six,   the tax prescribed by  section  two  hundred  and  fifty-three  of  this   article  is  hereby  imposed  on the amount of principal indebtedness so   advanced, which tax shall be payable at the same time and  in  the  same   manner  as  taxes  imposed by section two hundred and fifty-nine of this   article, and all the provisions of section two hundred and fifty-nine in   relation to the time and manner  of  paying  such  tax,  the  filing  of   statements  in  relation  to  the  time and amount of such advances, and   penalties for failure to file the same  shall  apply  to  advances  made   under  this section and the payment of a tax thereon, except that if the   mortgagor is not a corporation, such statements shall be  filed  by  the   owner  of  the  mortgage, who, for failure to do so, shall be subject to   the penalties prescribed by such section.   In case  said  mortgage  was   given  to secure the payment of a series of bonds, the mortgagor may, at   the time of paying such tax, present to the recording officer, the bonds   representing the portion of the principal indebtedness secured  by  said   mortgage  upon  which  the  tax  is  to be paid, and also file with said   recording officer a statement verified by the mortgagor or an officer or   duly authorized agent or attorney of the mortgagor specifying that  said   bonds,  so  presented,  are  the  bonds representing that portion of the   principal indebtedness secured by said mortgage upon which the tax is to   be paid and that said bonds are secured by a mortgage recorded  in  said   office  stating  the date of said mortgage and the liber and page of the   record of the same.  It shall be the duty of such recording  officer  to   indorse upon each of said bonds, so presented to him, a statement signed   by  him  to  the  effect  that  the  tax imposed by this article on that   portion  of  the  principal  indebtedness  secured  by   said   mortgage   represented  by  said  bonds  has been paid, and said statement shall be   conclusive  proof  of  such  payment.    Notwithstanding  the  exception   contained in section two hundred and fifty-four, the record owner of any   mortgage  recorded  prior to July first, nineteen hundred and six, other   than a corporate trust mortgage, may file in the office of the recording   officer where such mortgage is first recorded a statement  in  form  and   substance  as  required  by  section  two hundred and fifty-four of this   article, except that it shall  specify  and  state  the  amount  of  all   advancements made thereon prior to said date, giving the date and amount   of  each advancement and the amount of such prior advancements remaining   unpaid, and thereby elect that the same be taxed under this article; and   any mortgagor or mortgagee under a corporate  trust  mortgage  given  to   secure  a series of bonds or the owner of any such bond or bonds secured   thereby may file in the office  of  the  recording  officer  where  such   mortgage is first recorded a statement in form and substance as required   by  section  two  hundred and fifty-four of this article, except that it   shall specify the serial number, the date and amount of  each  bond  and   otherwise sufficiently describe the same to identify it as being secured   by  such  mortgage,  and  thereby elect that such bond or bonds be taxed   under this article, and such bond or bonds shall be taxed upon the whole   amount thereof notwithstanding the provisions of section two hundred and   sixty of this article.  A tax shall thereupon, in the case of  mortgages   other  than corporate trust mortgages, be computed, levied and collected   upon the amount of the principal debt or obligation represented by  said   unpaid  prior  advancements at the time of filing such statement, or, in   the case of a corporate trust mortgage, upon the amount of the  bond  or   bonds  specified  in  the  statement  filed,  at  the rate prescribed by   section two hundred  and  fifty-three  of  this  article.    Said  bonds    representing  prior  advancements  under  corporate  trust mortgages and   taxed as herein provided may be  presented  to  the  recording  officer,   whose  duty  it  is  to  collect  said tax, for indorsement and he shall   thereupon  indorse  upon each of said bonds a statement, attested by his   signature, of the payment of the tax as  provided  in  this  section  in   respect  to  bonds  representing subsequent advancements, and the record   owner of any other mortgage taxed  upon  prior  advancements  as  herein   provided  may  present  said  mortgage  to  the  recording  officer  and   thereupon such officer shall note  upon  the  same  the  filing  of  the   statement and the amount of the tax paid, attested by his signature.  In   all  such  cases  the  recording officer shall note on the margin of the   record of such mortgage the filing of such statement and the  amount  of   the  tax  paid,  and,  in  case  of  bonds  secured  by  corporate trust   mortgages, the serial number of each such bond.   The words  "bond"  and   "bonds"  as used in this section shall be deemed to embrace all notes or   other evidences of indebtedness secured by mortgages taxable under  this   section.    In  case  of  any  mortgage  taxable under this section, the   portion of the indebtedness secured thereby upon which the  tax  imposed   by  this  section  is  paid, and such portion only, shall be exempt from   taxation under the provisions of section two hundred  and  fifty-one  of   this  article.    Whenever  the  tax  imposed by section two hundred and   sixty-four of  this  article  as  said  section  existed  prior  to  May   thirteenth,  nineteen  hundred  and seven, has been paid with respect to   any mortgage, no additional tax shall accrue on such mortgage under this   section as hereby enacted and such mortgage and the debt  or  obligation   secured  thereby,  shall  continue  to be entitled to the exemptions and   immunities conferred by this article and all of the provisions  of  this   article  shall remain applicable to such mortgage.  All taxes imposed by   or which became due, payable or collectible on or before  the  thirtieth   day of June, nineteen hundred and six, pursuant to chapter seven hundred   and  twenty-nine of the laws of nineteen hundred and five, and all taxes   which under section two hundred and fifty-eight of this  chapter  became   due  and payable on the thirtieth day of July, nineteen hundred and six,   and all other taxes, if any, which were imposed by chapter seven hundred   and twenty-nine of the laws of nineteen hundred and five on any mortgage   recorded prior to the first day of July, nineteen hundred  and  six,  in   respect  to  any  period  ending  on  or  before  the first day of July,   nineteen hundred  and six, shall be imposed, become due, be payable  and   collectible  and  shall be paid over and distributed in the same manner,   and with the same force and effect as  if  this  article  had  not  been   enacted;  and  for  the purpose of collecting, paying over, distributing   and enforcing any such taxes, chapter seven hundred and  twenty-nine  of   the  laws  of  nineteen hundred and five shall be deemed to be in force,   and the lien for such taxes shall attach and such taxes shall be  levied   and  collected  as  provided in chapter seven hundred and twenty-nine of   the laws of nineteen hundred and five, anything herein contained to  the   contrary notwithstanding.