(1) Such indebtedness was incurred in good faith to secure a portion
of the purchase price of such motor vehicle or vehicular unit, and
(2) Such indebtedness is secured by a chattel mortgage or conditional
sales agreement duly filed as required by law, and
(3) Such chattel mortgage or conditional sales agreement was not
given, directly or indirectly, to any officer or stockholder of the
corporation owning or having the lawful use or control of such motor
vehicle or vehicular unit, whether as a purchase money mortgage or
otherwise.
The lien of such tax shall be enforceable, however, as to any equity
after the encumbrance of such chattel mortgage or conditional sales
agreement. In the event a motor vehicle or vehicular unit subject to
such tax lien is repossessed by a chattel mortgagee or a conditional
vendor such motor vehicle or vehicular unit shall not be sold at public
or private sale unless at least five days notice of the time and place
of such sale is served by registered mail upon the tax commission in
Albany.
Structure New York Laws