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S04532 Summary:

BILL NO    S04532 

SAME AS    SAME AS A04855

SPONSOR    FLANAGAN

COSPNSR    RANZENHOFER

MLTSPNSR   

Amd S258-a, Tax L

Relates to notices filed of the payment of mortgage recording tax on an
instrument not entitled to be recorded; provides that such filing does not give
notice of interest in real property.
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S04532 Actions:

BILL NO    S04532 

04/08/2013 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
06/21/2013 COMMITTEE DISCHARGED AND COMMITTED TO RULES
06/21/2013 ORDERED TO THIRD READING CAL.1645
06/21/2013 SUBSTITUTED BY A4855
           A04855  AMEND=  Lavine
           02/11/2013 referred to ways and means
           06/12/2013 reported referred to rules
           06/20/2013 reported 
           06/20/2013 rules report cal.591
           06/20/2013 ordered to third reading rules cal.591
           06/20/2013 passed assembly
           06/20/2013 delivered to senate
           06/20/2013 REFERRED TO RULES
           06/21/2013 SUBSTITUTED FOR S4532
           06/21/2013 3RD READING CAL.1645
           06/21/2013 PASSED SENATE
           06/21/2013 RETURNED TO ASSEMBLY
           10/11/2013 delivered to governor
           10/23/2013 signed chap.435
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S04532 Votes:

There are no votes for this bill in this legislative session.
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S04532 Memo:

Memo not available
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S04532 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         4532

                              2013-2014 Regular Sessions

                                   I N  S E N A T E

                                     April 8, 2013
                                      ___________

       Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations

       AN ACT to amend the tax law, in relation to  the  treatment  of  notices
         filed  of  the  payment of mortgage recording tax on an instrument not
         entitled to be recorded

         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section  1. Section 258-a of the tax law, as amended by chapter 218 of
    2  the laws of 1930, is amended to read as follows:
    3    S 258-a. Payment of tax on instruments  not  recorded.  An  instrument
    4  taxable under this article but which is not entitled to be recorded, may
    5  nevertheless  be  presented  to  the  recording officer of the county in
    6  which the real property or any part thereof affected by said  instrument
    7  is situated, and there may be paid to such officer the amount of the tax
    8  which  would  be  payable  under  this  article on the recording of such
    9  instrument if the same were entitled to be recorded. Such officer  shall
   10  receive  such  amount  and  such  payment  shall have the same force and
   11  effect, so far as this article is concerned, as if such  instrument  had
   12  been duly recorded and the tax thereon paid. It shall be the duty of the
   13  recording  officer  to  indorse  upon  the  instrument a receipt for the
   14  amount of the tax so paid. A copy of each instrument upon which the  tax
   15  is  paid as above provided shall be filed with the recording officer and
   16  preserved among his mortgage tax records.
   17    Where an unrecorded instrument subject to  the  tax  imposed  by  this
   18  article  has  been lost or destroyed, the tax commission, upon presenta-
   19  tion of proper proofs, may determine the taxable amount of such  instru-
   20  ment and by order authorize the recording officer to receive and receipt
   21  for such tax as fully and with the same force and effect, so far as this
   22  article  is  concerned,  as if the instrument had been duly recorded and
   23  the tax thereon paid.

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08352-01-3
       S. 4532                             2

    1    THE FILING OR RECORDING OF A NOTICE OF THE PAYMENT OF TAX  UNDER  THIS
    2  SECTION  IS  INEFFECTIVE  TO  GIVE NOTICE UNDER ARTICLE NINE OF THE REAL
    3  PROPERTY LAW OF ANY ESTATE OR INTEREST IN THE REAL PROPERTY AFFECTED  BY
    4  THE INSTRUMENT ON WHICH TAX IS BEING PAID OR TO CREATE A DUTY OF INQUIRY
    5  WITH REGARD THERETO.
    6    S  2.  This  act  shall take effect immediately and shall apply to all
    7  notices filed prior to and on and after such effective date.
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