NY Tax L § 259 (2021)
2021 New York Laws TAX - Tax Article 11 - Tax on Mortgages 259 - Trust Mortgages.

§  259. Trust mortgages. In the case of mortgages made by corporations   in trust to secure payment of bonds  or  obligations  issued  or  to  be   issued  thereafter,  if the total amount of principal indebtedness which   under any contingency may be advanced or accrued  or  which  may  become   secured  by  any  such mortgage which is subject to this article has not   been advanced or accrue thereon or become secured  thereby  before  such   mortgage  is  recorded, it may contain at the end thereof a statement of   the amount which at the time of the execution and delivery  thereof  has   been  advanced  or  accrued  thereon,  or  which is then secured by such   mortgage; thereupon the tax payable on the  recording  of  the  mortgage   shall  be  computed on the basis of the amount so stated to have been so   advanced or accrued thereon or which is stated to  be  secured  thereby.   Such  statement  shall  thereafter  at  all  times  be  binding upon and   conclusive  against  the  mortgagee,  the  holders  of  any   bonds   or   obligations  secured  by  such mortgage and all persons claiming through   the mortgagee any interest in the mortgage or in the mortgaged premises.   Whenever a further amount is to be advanced under the original mortgage,   or shall accrue thereon  or  become  secured  thereby,  the  corporation   making  such  mortgage shall pay the tax on such amount at or before the   time when such amount is to be advanced, accrues or becomes secured  and   shall,  at  the  time  of  paying  such  tax,  file in the office of the   recording officer where such mortgage has been or is first recorded  and   with  the  tax  commission  a  statement,  verified  by  the  secretary,   treasurer or other proper officer, of said corporation of the amount  of   principal  indebtedness to be so advanced, accruing or becoming secured,   and the certification of any bond or bonds by the trust mortgagee  shall   be  deemed  an  advance under this article. Such additional tax shall be   paid to the recording officer where such mortgage has been or  is  first   recorded  and a receipt therefor shall be endorsed upon the mortgage and   payment therefor shall be noted in the margin  of  the  record  of  such   mortgage  and  if  requested  a duplicate receipt for such payment shall   also be given to the party paying such tax and the note of such  payment   or  additional  payment  or  such  receipt shall have the same force and   effect as the record of receipt of the tax which under this  article  is   payable  at  or before the recording of the mortgage. If such additional   tax is not paid as required by this section, the trust  mortgagee  shall   not  certify any bond or other obligation issued on account thereof. The   corporation making such mortgage or the  owner  of  the  property  which   secures  the  mortgage debt shall annually within thirty days after July   first, and until it shall appear by  such  statement  that  the  maximum   amount  of  principal  indebtedness  secured  by  such mortgage has been   advanced, has accrued or become secured and the tax thereon  paid,  file   in the office of the tax commission and the recording officer where such   mortgage  has  been  or  is  first recorded a statement, verified by the   secretary, treasurer  or  other  proper  officer  of  said  corporation,   showing:1. The name of the mortgagor and the mortgagee;2. The date of the mortgage and the county where first recorded;3.  The maximum amount of principal debt or obligation which under any   contingency may be secured by such mortgage;4. The amount advanced on such mortgage during the  year  ending  June   thirtieth preceding, with the date and amount of each advancement;5.  In  the  case of a mortgage recorded prior to July first, nineteen   hundred and six, the first annual statement filed under this section  as   hereby  amended,  shall  state  the  total amount advanced prior to July   first, nineteen hundred and six, and the date and  the  amount  of  each   subsequent  advancement  to  the  end  of  the  period  covered  by  the   statement. A failure to file any statement required by this  section  within  the   specified time shall subject the corporation or other person required to   file  such  statement  to a penalty of not less than one dollar nor more   than one hundred dollars for each one thousand dollars  of  the  maximum   amount  of  principal indebtedness which is or under any contingency may   become secured by the mortgage, which penalty in the aggregate shall not   exceed  the  sum  of  five  thousand   dollars,   recoverable   by   the   attorney-general  in  an action brought in the name of the people of the   state of New York.