N.Y. Real Property Law § 320: Certain deeds deemed mortgages

§ 320. Certain deeds deemed mortgages. A deed conveying real property,

which, by any other written instrument, appears to be intended only as a

security in the nature of a mortgage, although an absolute conveyance in

terms, must be considered a mortgage; and the person for whose benefit

such deed is made, derives no advantage from the recording thereof,

unless every writing, operating as a defeasance of the same, or

explanatory of its being desired to have the effect only of a mortgage,

or conditional deed, is also recorded therewith, and at the same time.