NY Lien L § 22 (2021)
2021 New York Laws LIE - Lien Article 2 - Mechanics' Liens 22 - Building Loan Contract.

§  22. Building loan contract. A building loan contract either with or   without the sale of land, and  any  modification  thereof,  must  be  in   writing  and  duly acknowledged, and must contain a true statement under   oath, verified by the borrower, showing the consideration paid, or to be   paid, for the loan described therein, and showing all other expenses, if   any, incurred, or to be incurred in connection therewith,  and  the  net   sum available to the borrower for the improvement, and, on or before the   date  of  recording the building loan mortgage made pursuant thereto, to   be filed in the office of the clerk of the county in which any  part  of   the  land  is  situated,  except that any subsequent modification of any   such building loan contract so filed must be filed within ten days after   the execution of any such modification. No such building  loan  contract   or  any  modification thereof shall be filed in the register's office of   any county. If not so filed the interest of each party to such  contract   in  the real property affected thereby, is subject to the lien and claim   of a person who shall thereafter  file  a  notice  of  lien  under  this   chapter.  A modification of such contract shall not affect or impair the   right or interest of a person, who,  previous  to  the  filing  of  such   modification  had  furnished  or contracted to furnish materials, or had   performed or contracted to perform labor for  the  improvement  of  real   property, but such right or interest shall be determined by the original   contract.  The county clerk is entitled to a fee of twenty-five dollars,   except in counties within the city of New York where the  fee  shall  be   fifty  dollars, for filing such a contract or modification. Except where   the  county  clerk  maintains  a  block  index,   such   contracts   and   modifications  thereof  shall  be  indexed  in  a book provided for that   purpose, in the alphabetical order of the names of the persons  to  whom   such  loans  shall be made. No assignment of the moneys due or to become   due under a building loan contract,  under  the  provisions  of  section   twenty-six  of  this  article,  nor  any  payment  to the holder of such   assignment, shall be or be construed to be a modification of a  building   loan  contract within the meaning of this section, and the execution and   delivery of a  bond  and  mortgage,  under  the  provisions  of  section   twenty-six  of  this article, or payments thereunder, shall not be or be   construed to be the making  of  a  building  loan  contract  within  the   meaning of this section.Except  that this section shall not apply to any mortgage taken by the   home owners' loan corporation, a corporation created  under  an  act  of   congress,  known  as  the  "home  owners'  loan  act of nineteen hundred   thirty-three" and  the  "home  owners'  loan  act  of  nineteen  hundred   thirty-three as amended," and said mortgage shall have priority over any   and  all  liens  filed  subsequent  to the date of the recording of said   mortgage whether or not the cash and/or bonds for  which  said  mortgage   has  been taken as security, shall have been advanced at the time of the   execution of such mortgage or subsequent thereto, and it  shall  not  be   necessary  to  execute  and file any building loan contract or any other   contract, in compliance with this section or any part thereof.Where the county clerk indexes liens in a block index, every  building   loan contract presented to the clerk for filing, in order to entitle the   same  to  be  filed,  shall  contain  in the body thereof, or shall have   endorsed thereon, a designation of the number of  every  block,  on  the   land map of the county, which is affected by the building loan contract.   The  county  clerk shall cause such building loan contract to be entered   in the block index, under the block number of every block so designated.   In cases where a building loan contract shall have  been  filed  without   such  designation or with an erroneous designation, the county clerk, on   presentation of proper proof thereof, shall enter such instrument in the   proper index, under the proper block number of every block in which  the    land  affected  is situated, and shall, at the same time, make a note of   such entry and of  the  date  thereof  in  every  place  in  which  such   instrument  may  have  been  erroneously  indexed,  opposite  the  entry   thereof,  and  also  upon  the  instrument itself, if the same be in his   possession or produced to him for the purpose, and the  filing  of  such   instrument  shall be constructive notice as to property in the block not   duly designated at the time of such filing only from the time  when  the   same shall be properly indexed.A   county   clerk   may   adopt   a  new  indexing  system  utilizing   electro-mechanical, electronic or any other method he deems suitable for   maintaining the indexes.