New York Laws
Part 1
2412 - Property and Income.

ยง 2412. Property and income. 1. The property of the agency and its
income and operations shall be exempt from taxation or assessments of
every kind and nature, other than assessments for local improvements and
the tax imposed by article eleven of the tax law; nor shall the agency
be required to pay any recording fee or transfer tax of any kind on
account of instruments recorded by it or on its behalf.

2. Notwithstanding the provisions of subdivision one of this section,
all mortgages recorded prior to the effective date of this subdivision
as to which an assignment to the agency has been recorded shall be
recordable, enforceable, assignable and valid for all purposes as if the
mortgage recording tax had been paid regardless of whether a mortgage
recording tax was paid thereon.

Structure New York Laws

New York Laws

PBA - Public Authorities

Article 8 - Miscellaneous Authorities

Title 17 - State of New York Mortgage Agency Act

Part 1

2400 - Short Title.

2401 - Legislative Findings.

2402 - Definitions.

2403 - State of New York Mortgage Agency.

2404 - Powers of the Agency.

2405 - Purchase of Existing Mortgages.

2405-A - Education Loans.

2405-B - Purchase of Forward Commitment Mortgages.

2405-C - Purchase of New Housing Loans.

2405-D - Lease-to-Own Program.

2405-E - Purchase of Employer Assisted Forward Commitment Mortgages.

2405-F - New York State Community Restoration Fund.

2406 - Bonds and Notes of the Agency.

2407 - Bond Limits.

2408 - Reserve Funds and Appropriations.

2409 - Remedies of Bondholders and Noteholders.

2410 - State and Municipalities Not Liable on Bonds, Notes or Insurance Commitments or Contracts or Development Corporation Credit Support.

2411 - Agreement of the State.

2412 - Property and Income.

2413 - Exemption From Taxation of Bonds and Notes and Insurance Commitments and Loans.

2414 - Bonds and Notes as Legal Investments for Public Officers and Fiduciaries.

2415 - Moneys of the Agency.

2416 - Actions.

2417 - Limitation of Liability.

2418 - Assistance by State Officers, Departments, Boards and Commissions; Transfer of Officers and Employees.

2419 - Annual Report.

2419-A - Additional Reports.

2420 - Court Proceedings; Preferences; Venue.

2420-A - Validity.

2421 - Inconsistent Provisions of Other Laws Superseded.

2422 - Construction.

2423 - Separability.