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 652 - Effect Of Nonpayment Of Taxes And Enforcement Procedures
Section 652.2 - Unpaid taxes as a lien on a mortgage

Universal Citation: 20 NY Comp Codes Rules and Regs ยง 652.2

Current through Register Vol. 46, No. 12, March 20, 2024

Tax Law, § 265

(a) The taxes described in Part 642 of this Title are a lien upon the mortgage upon which such taxes are imposed and upon the debt or obligation secured by the mortgage.

(b) A mortgage and the debt secured by the mortgage are deemed to be property within this State notwithstanding that the mortgage may be owned by or be in the possession of a mortgage outside the State.

(c)

(1) A copy of a mortgage certified by the recording officer of any county in which the mortgage is recorded may be sold to satisfy the payment of any taxes due upon the mortgage.

(2) The purchaser of such a mortgage shall be vested with all of the rights, interests and obligations of the mortgagee therein named or his assignee or successor in interest in and to such mortgage and the debt secured thereby, together with interest and costs.

(d) The lien of taxes resulting from a deed of trust or a deed absolute on its face which is security for a debt or obligation shall cease 10 years after the recording thereof, provided such a mortgage is in the hands of a bona fide purchaser for value.

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