2023 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.