-  This bill is not active in this session.
  •  Summary 
  •  Actions 
  •  Floor Votes 
  •  Memo 
  •  Text 

A04855 Text:

                STATE OF NEW YORK
                               2013-2014 Regular Sessions
                   IN ASSEMBLY
                                    February 11, 2013
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on Ways and Means
        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    § 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.

        A. 4855                             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    §  2.  This  act  shall take effect immediately and shall apply to all
     7  notices filed prior to and on and after such effective date.
Go to top