N.Y. Real Property Law § 400: Rights of owners of registered property; exceptions; incumbrances and transfers to be filed

§ 400. Rights of owners of registered property; exceptions;

incumbrances and transfers to be filed. A person who receives a

certificate of title pursuant to a judgment of registration, except in

case of fraud to which he is a party, and a purchaser of registered real

property, who takes a certificate of title for value and in good faith,

shall hold the same free from all incumbrances, charges, trusts, liens

and transfers, except those noted on the certificate in the registrar's

office, and any of the following which may exist:

First. Liens, claims, or rights arising or existing under the laws or

constitution of the United States, which the statutes of this state do

not require to appear of record;

Second. Any tax, water rate, or assessment which becomes a lien on the

property after initial registration and for which a sale has not been

made;

Third. Any lease or agreement for a lease, made after or pending

registration, for a period not exceeding one year, where there is actual

occupation of the land under the lease or agreement;

Fourth. Easements or servitudes which accrue against the property

after initial registration in such manner as not to require their

registration.

Except as specified in the foregoing statement of exceptions, no

incumbrance, charge, trust, lien, or transfer shall take effect upon or

over real property the title to which has been registered, unless the

instrument creating and setting forth such incumbrance, charge, trust,

lien, or transfer has been filed with the registrar and a memorial or

notation thereof made upon the certificate of title covering the

property.