Bill Text: NY S04532 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to notices filed of the payment of mortgage recording tax on an instrument not entitled to be recorded; provides that such filing does not give notice of interest in real property.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2013-06-21 - SUBSTITUTED BY A4855 [S04532 Detail]

Download: New_York-2013-S04532-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4532
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     April 8, 2013
                                      ___________
       Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to  the  treatment  of  notices
         filed  of  the  payment of mortgage recording tax on an instrument not
         entitled to be recorded
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Section 258-a of the tax law, as amended by chapter 218 of
    2  the laws of 1930, is amended to read as follows:
    3    S 258-a. Payment of tax on instruments  not  recorded.  An  instrument
    4  taxable under this article but which is not entitled to be recorded, may
    5  nevertheless  be  presented  to  the  recording officer of the county in
    6  which the real property or any part thereof affected by said  instrument
    7  is situated, and there may be paid to such officer the amount of the tax
    8  which  would  be  payable  under  this  article on the recording of such
    9  instrument if the same were entitled to be recorded. Such officer  shall
   10  receive  such  amount  and  such  payment  shall have the same force and
   11  effect, so far as this article is concerned, as if such  instrument  had
   12  been duly recorded and the tax thereon paid. It shall be the duty of the
   13  recording  officer  to  indorse  upon  the  instrument a receipt for the
   14  amount of the tax so paid. A copy of each instrument upon which the  tax
   15  is  paid as above provided shall be filed with the recording officer and
   16  preserved among his mortgage tax records.
   17    Where an unrecorded instrument subject to  the  tax  imposed  by  this
   18  article  has  been lost or destroyed, the tax commission, upon presenta-
   19  tion of proper proofs, may determine the taxable amount of such  instru-
   20  ment and by order authorize the recording officer to receive and receipt
   21  for such tax as fully and with the same force and effect, so far as this
   22  article  is  concerned,  as if the instrument had been duly recorded and
   23  the tax thereon paid.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08352-01-3
       S. 4532                             2
    1    THE FILING OR RECORDING OF A NOTICE OF THE PAYMENT OF TAX  UNDER  THIS
    2  SECTION  IS  INEFFECTIVE  TO  GIVE NOTICE UNDER ARTICLE NINE OF THE REAL
    3  PROPERTY LAW OF ANY ESTATE OR INTEREST IN THE REAL PROPERTY AFFECTED  BY
    4  THE INSTRUMENT ON WHICH TAX IS BEING PAID OR TO CREATE A DUTY OF INQUIRY
    5  WITH REGARD THERETO.
    6    S  2.  This  act  shall take effect immediately and shall apply to all
    7  notices filed prior to and on and after such effective date.