New York Laws
Article 11 - Tax on Mortgages
253-B - Credit Line Mortgage.

ยง 253-b. Credit line mortgage. 1. In the case of a mortgage which is
a credit line mortgage, as defined in subdivision two of this section,
of real property principally improved or to be improved by a one to six
family owner-occupied residence or dwelling, the principal debt or
obligation which is or under any contingency may be secured at the date
of execution of such mortgage or at any time thereafter within the
meaning of this article shall mean the maximum principal amount
specified in such mortgage. If the tax imposed by and pursuant to the
authority of this article is paid on such maximum principal amount, no
further tax shall be payable on advances or readvances by the lender
pursuant to the recorded primary mortgage, provided such advances or
readvances are made to the original obligor or obligors named in such
recorded primary mortgage. In the event the maximum principal amount of
a credit line mortgage is increased, a tax is imposed as provided in
section two hundred fifty-three and pursuant to the authority of section
two hundred fifty-three-a of this article on such new or further
indebtedness or obligation when the instrument evidencing such further
indebtedness is recorded. In order to better enforce the provisions of
this subdivision and for the privilege of recording an instrument
evidencing a sale or transfer of real property on which the lien of a
credit line mortgage remains outstanding, in the event that a credit
line mortgage remains outstanding after the sale or transfer of the real
property securing the credit line mortgage to a person or persons who is
or are not related to the original obligor or obligors by blood,
marriage or adoption, or where such credit line mortgage that remains
outstanding after such sale or transfer is a credit line mortgage of
property other than real property principally improved or to be improved
by a one to six family owner-occupied residence or dwelling, taxes are
imposed at the rates applicable under section two hundred fifty-three
and pursuant to the authority of section two hundred fifty-three-a on
the principal debt or obligation which is or under any contingency may
be secured at the date when the instrument evidencing the sale or
transfer is recorded and no such instrument shall be recorded until the
taxes imposed in this section are paid.

1-a. In the case of a mortgage which is a credit line mortgage, as
defined in subdivision two of this section, of property other than real
property principally improved or to be improved by a one to six family
owner-occupied residence or dwelling, and where such mortgage is of an
amount less than three million dollars, the tax imposed by and pursuant
to the authority of this article shall be imposed and paid pursuant to
the provisions of subdivision one of this section.

2. For the purposes of this section, a "credit line mortgage" shall
mean 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 thirteen of section two 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. For the purpose of this section, "credit line mortgage" shall not
include a reverse mortgage as defined in sections two hundred eighty and
two hundred eighty-a of the real property law.

3. The commissioner shall promulgate regulations to provide for the
enforcement and administration of the taxes imposed by or pursuant to
subdivisions one and one-a of this section.

Structure New York Laws

New York Laws

TAX - Tax

Article 11 - Tax on Mortgages

250 - Definitions.

251 - Procedure for Review.

252 - Exemptions.

252-A - Other Exemptions.

253 - Recording Tax.

253-A - Recording Tax by a City of One Million or More.

253-B - Credit Line Mortgage.

253-C - Recording Tax Imposed by the County of Nassau.

253-D - Recording Tax Imposed by the City of Yonkers.

253-E - Recording Tax Imposed by the County of Broome.

253-F - Recording Tax Imposed by the County of Rockland.

253-G - Recording Tax Imposed by the County of Westchester.

253-H - Recording Tax Imposed by the County of Lewis.

253-I - Recording Tax Imposed by the County of Columbia.

253-J - Recording Tax Imposed by the County of Sullivan.

253-J*2 - Recording Tax Imposed by the County of Hamilton.

253-J*3 - Recording Tax Imposed by the County of Essex.

253-K - Recording Tax Imposed by the County of Genesee.

253-R - Recording Tax Imposed by the County of Schenectady.

253-S - Recording Tax Imposed by the County of Steuben.

253-T - Recording Tax Imposed by the County of Yates.

253-U - Recording Tax Imposed by the County of Herkimer.

253-V - Recording Tax Imposed by the County of Cortland.

253-W - Recording Tax Imposed by the County of Warren.

253-X - Recording Tax Imposed by the County of Cattaraugus.

253-X*2 - Recording Tax Imposed by the County of Greene.

253-Y - Recording Tax Imposed by the County of Madison.

253-J*4 - Recording Tax Imposed by the County of Schoharie.

253-O - Recording Tax Imposed by the County of Chautauqua.

253-P - Recording Tax Imposed by the County of Albany.

253-L - Recording Tax Imposed by the County of Rensselaer.

253-M - Recording Tax Imposed by the County of Wayne.

253-N - Recording Tax Imposed by the County of Wyoming.

253-Y*2 - Recording Tax Imposed by the County of Livingston.

253-Y*3 - Recording Tax Imposed by the County of Washington.

254 - Optional Tax on Prior Mortgages.

255 - Supplemental Mortgages.

256 - Mortgages for Indefinite Amounts or for Contract Obligations.

257 - Payment of Taxes.

257-A - Refund of Mortgage Taxes After Rescission of Certain Credit Transactions.

258 - Effect of Nonpayment of Taxes.

258-A - Payment of Tax on Instruments Not Recorded.

259 - Trust Mortgages.

260 - Determination and Apportionment by the State Tax Commission.

261 - Payment Over and Distribution of Taxes.

262 - Expenses of Officers.

263 - Supervisory Power of Commissioner of Taxation and Finance and Comptroller.

264 - Tax on Prior Advance Mortgages.

265 - Tax a Lien; Exceptions.

266 - Enforcement; Procedure.

267 - idem.; Where Recovery Is Had Against Trust Mortgagee.