New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter IV - Sales And Use And Other Miscellaneous Taxes
Subchapter D - Mortgage Recording Taxes
Part 641 - Definitions
Section 641.10 - Credit line mortgage defined

Universal Citation: 20 NY Comp Codes Rules and Regs ยง 641.10
Current through Register Vol. 46, No. 12, March 20, 2024

Tax Law, § 253-b

Credit line mortgage means any mortgage means any mortgage or deed of trust, other than a mortgage or deed of trust made pursuant to a building loan contract as defined in subdivision 13 of section 2 of the Lien Law, which states that it secures indebtedness under a note, credit agreement or other financing agreement that reflects the fact that the parties reasonably contemplate entering into a series of advances, or advances, payments and readvances, and that limits the aggregate amount at any time outstanding to a maximum amount specified in such mortgage or deed of trust. Provided, however, credit line mortgage shall not include a reverse mortgage created pursuant to section 280 or 280-a of the Real Property Law.

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