N.Y. Tax Law § 265: Tax a lien; exceptions

§ 265. Tax a lien; exceptions. The tax in this article imposed shall

be deemed and is hereby declared to be a lien upon the mortgage upon

which such tax is imposed and upon the debt or obligation secured

thereby, except that upon mortgages recorded prior to July first,

nineteen hundred six, such lien shall extend only to that portion

thereof represented by the amount advanced subsequently to such date and

to the debt or obligation secured by such advancement, and for the

purpose of enforcing the payment of the tax in this article imposed,

such mortgage and the debt thereby secured shall be deemed to be

property within this state notwithstanding that such mortgage may be

owned by or be in the possession of a person or corporation outside the

state and a copy thereof duly certified by the recording officer of any

county in which such mortgage is recorded shall, for the purpose of

enforcing the payment of such tax, be deemed to be, and shall have the

same force and effect as the original mortgage and may be sold to

satisfy such tax and upon a sale of the whole or any part thereof, shall

carry with it and transfer to the purchaser all the rights, interests

and obligations of the mortgagee therein named or his assignee or

successor in interest in and to such mortgage and the debt secured

thereby, or the part thereof to which such lien attaches, together with

interest and costs. The lien of the tax resulting from a deed of trust

or a deed absolute on its face which is security for a debt or

obligation shall cease ten years after the recording thereof, provided

such a mortgage is in the hands of a bona fide purchaser for value.