N.Y. Tax Law § 254: Optional tax on prior mortgages

§ 254. Optional tax on prior mortgages. Whenever any mortgage other

than a mortgage specified in section two hundred and sixty-four has been

recorded prior to July first, nineteen hundred and six, the record owner

thereof may file with the recording officer of the county in which the

real property, or any part thereof, on which said mortgage is a lien, is

situated, a written statement under oath verified by the record owner or

the agent or officer of such record owner describing such mortgage by

giving the date of the same and the liber and page of the record thereof

together with the names of the parties thereto, specifying the amount

then remaining unpaid on the debt or obligation secured thereby, and

electing that it shall become subject to the tax prescribed by section

two hundred and fifty-three of this chapter. Whenever any unrecorded

mortgage has been executed and delivered prior to July first, nineteen

hundred and six, the owner thereof may record the same upon filing with

the recording officer a similar statement and paying the tax as herein

prescribed. A tax shall thereupon be computed, levied and collected upon

the amount of the principal debt or obligation unpaid at the time of the

filing of such statement, or of the recording of such mortgage and

filing of such statement. On the payment of such tax as herein provided,

the recording officer shall note on the margin of the record of such

mortgage the fact of such statement and of the amount of the tax paid,

attested by his signature, whereupon such mortgage and the debt or

obligation secured thereby shall be entitled to the exemptions and

immunities conferred by this article, and all of the provisions of this

article shall thereafter be applicable to said mortgage. Whenever the

original mortgage is presented to the clerk together with the statement

he shall also note on said original mortgage the fact of the filing of

the said statement and also the amount of the tax paid duly attested by

his signature, which indorsement shall be conclusive evidence of the

payment of such tax.