A. 5767 2
2. (A) THE MUNICIPAL LEGISLATIVE BODY OF ANY MUNICIPALITY IS AUTHOR-
IZED TO ESTABLISH BY LOCAL LAW A COMMUNITY PRESERVATION FUND PURSUANT TO
THE PROVISIONS OF THIS SECTION. DEPOSITS INTO THE FUND MAY INCLUDE
REVENUES OF THE MUNICIPALITY FROM WHATEVER SOURCE AND SHALL INCLUDE, AT
A MINIMUM, ALL REVENUES FROM A TAX IMPOSED UPON THE TRANSFER OF REAL
PROPERTY INTERESTS IN SUCH MUNICIPALITY PURSUANT TO SECTION FIFTEEN
HUNDRED EIGHTY-ONE OF THE TAX LAW. THE FUND SHALL ALSO BE AUTHORIZED TO
ACCEPT GIFTS OF ANY SUCH INTERESTS IN LAND, OF MONIES, OR OF NEGOTIABLE
INSTRUMENTS OR SHARES OF STOCK. INTEREST OR DIVIDENDS ACCRUED BY FUNDS
DEPOSITED INTO THE FUND SHALL BE CREDITED TO THE FUND. IN NO EVENT SHALL
MONIES DEPOSITED IN THE FUND BE TRANSFERRED TO ANY OTHER ACCOUNT OR USED
FOR ANY PURPOSE OTHER THAN COMMUNITY PRESERVATION. MONIES OF A MUNICI-
PALITY'S COMMUNITY PRESERVATION FUND MAY BE EXPENDED JOINTLY WITH ONE OR
MORE OTHER MUNICIPALITIES FOR THE BENEFIT OF THE RESIDENTS OF ALL MUNI-
CIPALITIES CONTRIBUTING TO SUCH JOINT EXPENDITURE. NOTHING CONTAINED IN
THIS SUBDIVISION SHALL BE CONSTRUED TO PREVENT THE FINANCING, IN WHOLE
OR IN PART, PURSUANT TO THE LOCAL FINANCE LAW, OF ANY ACQUISITION
AUTHORIZED PURSUANT TO THIS SECTION. MONIES FROM THE FUND MAY BE
UTILIZED TO REPAY ANY INDEBTEDNESS OR OBLIGATIONS INCURRED PURSUANT TO
THE LOCAL FINANCE LAW CONSISTENT WITH EFFECTUATING THE PURPOSES OF THIS
SECTION.
(B) NOTHING IN THIS SECTION SHALL BE CONSTRUED TO SUPERSEDE, AFFECT,
IMPAIR OR INVALIDATE ANY PROVISION OF SECTION SIXTY-FOUR-E OR
SIXTY-FOUR-F OF THE TOWN LAW. NOTHING IN SECTION SIXTY-FOUR-E OR SIXTY-
FOUR-F OF THE TOWN LAW SHALL AFFECT OR IMPAIR THE AUTHORITY OF THE TOWNS
OF BROOKHAVEN, EAST HAMPTON, RIVERHEAD, SHELTER ISLAND, SOUTHAMPTON AND
SOUTHOLD TO ESTABLISH BY LOCAL LAW A COMMUNITY PRESERVATION FUND PURSU-
ANT TO THE PROVISIONS OF THIS SECTION.
3. THE PURPOSES OF THE FUND SHALL BE EXCLUSIVELY:
(A) TO IMPLEMENT A PLAN FOR THE PRESERVATION OF COMMUNITY CHARACTER IN
ACCORDANCE WITH THIS SECTION;
(B) TO ACQUIRE INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE PRESERVA-
TION OF COMMUNITY CHARACTER WITHIN THE MUNICIPALITY INCLUDING VILLAGES
THEREIN, IN ACCORDANCE WITH SUCH PLAN AND IN COOPERATION WITH WILLING
SELLERS;
(C) TO ESTABLISH A BANK PURSUANT TO A TRANSFER OF DEVELOPMENT RIGHTS
PROGRAM CONSISTENT WITH THE APPLICABLE PROVISIONS OF SECTION TWO HUNDRED
SIXTY-ONE-A OF THE TOWN LAW AND SECTION TWENTY-F OF THE GENERAL CITY
LAW; AND
(D) TO PROVIDE FOR THE MANAGEMENT AND STEWARDSHIP OF SUCH INTERESTS
AND RIGHTS CONSISTENT WITH SUBDIVISION EIGHT OF THIS SECTION AND IN
ACCORDANCE WITH SUCH PLAN DESIGNED TO PRESERVE COMMUNITY CHARACTER;
PROVIDED THAT NOT MORE THAN TEN PERCENT OF THE FUND SHALL BE UTILIZED
FOR SUCH MANAGEMENT AND STEWARDSHIP PROGRAM.
4. IF THE IMPLEMENTATION OF THE COMMUNITY PRESERVATION PROJECT PLAN
ADOPTED BY A MUNICIPAL LEGISLATIVE BODY AS PROVIDED IN SUBDIVISION SEVEN
OF THIS SECTION HAS BEEN COMPLETED AND FUNDS ARE NO LONGER NEEDED FOR
THE PURPOSES OUTLINED IN THIS SUBDIVISION, THEN ANY REMAINING MONIES IN
THE FUND SHALL BE APPLIED TO REDUCE ANY BONDED INDEBTEDNESS OR OBLI-
GATIONS INCURRED TO EFFECTUATE THE PURPOSES OF THIS SECTION.
5. PRESERVATION OF COMMUNITY CHARACTER SHALL INVOLVE ONE OR MORE OF
THE FOLLOWING:
(A) PRESERVATION OF OPEN SPACE;
(B) ESTABLISHMENT OF PARKS, NATURE PRESERVES, OR RECREATION AREAS;
(C) PRESERVATION OF LAND WHICH IS PREDOMINANTLY VIABLE AGRICULTURAL
LAND, AS DEFINED IN SUBDIVISION SEVEN OF SECTION THREE HUNDRED ONE OF
A. 5767 3
THE AGRICULTURE AND MARKETS LAW, OR UNIQUE AND IRREPLACEABLE AGRICUL-
TURAL LAND, AS DEFINED IN SUBDIVISION SIX OF SECTION THREE HUNDRED ONE
OF THE AGRICULTURE AND MARKETS LAW;
(D) PRESERVATION OF LANDS OF EXCEPTIONAL SCENIC VALUE;
(E) PRESERVATION OF FRESH AND SALTWATER MARSHES OR OTHER WETLANDS;
(F) PRESERVATION OF AQUIFER RECHARGE AREAS;
(G) PRESERVATION OF UNDEVELOPED BEACH-LANDS OR SHORELINE;
(H) ESTABLISHMENT OF WILDLIFE REFUGES FOR THE PURPOSE OF MAINTAINING
NATIVE ANIMAL SPECIES DIVERSITY, INCLUDING THE PROTECTION OF HABITAT
ESSENTIAL TO THE RECOVERY OF RARE, THREATENED OR ENDANGERED SPECIES;
(I) PRESERVATION OF UNIQUE OR THREATENED ECOLOGICAL AREAS;
(J) PRESERVATION OF RIVERS AND RIVER AREAS IN A NATURAL, FREE-FLOWING
CONDITION;
(K) PRESERVATION OF FORESTED LAND;
(L) PRESERVATION OF PUBLIC ACCESS TO LANDS FOR PUBLIC USE INCLUDING
STREAM RIGHTS AND WATERWAYS;
(M) PRESERVATION OF HISTORIC PLACES AND PROPERTIES LISTED ON THE NEW
YORK STATE REGISTER OF HISTORIC PLACES AND/OR PROTECTED UNDER A MUNICI-
PAL HISTORIC PRESERVATION ORDINANCE OR LAW; AND
(N) UNDERTAKING ANY OF THE PURPOSES OF THIS SUBDIVISION IN FURTHERANCE
OF THE ESTABLISHMENT OF A GREENBELT.
6. THE MUNICIPAL LEGISLATIVE BODY OF ANY MUNICIPALITY WHICH HAS ESTAB-
LISHED A COMMUNITY PRESERVATION FUND SHALL CREATE AN ADVISORY BOARD TO
REVIEW AND MAKE RECOMMENDATIONS TO THE MUNICIPAL LEGISLATIVE BODY ON
PROPOSED ACQUISITIONS OF INTERESTS IN REAL PROPERTY USING MONIES FROM
THE FUND. NO MEMBER OF THE MUNICIPAL LEGISLATIVE BODY SHALL SERVE ON THE
ADVISORY BOARD. THE MEMBERS AND THE CHAIRPERSON SHALL BE APPOINTED BY
THE MUNICIPAL LEGISLATIVE BODY. SUCH ADVISORY BOARD SHALL CONSIST OF
FIVE OR SEVEN RESIDENTS OF THE MUNICIPALITY WHO SHALL SERVE WITHOUT
COMPENSATION. THE MUNICIPAL LEGISLATIVE BODY SHALL MAKE A REASONABLE
EFFORT TO APPOINT A MAJORITY OF MEMBERS TO THE ADVISORY BOARD WHO HAVE
DEMONSTRATED EXPERIENCE WITH CONSERVATION OR LAND PRESERVATION ACTIV-
ITIES, BUT AT LEAST TWO MEMBERS SHALL HAVE SUCH EXPERIENCE. THE MUNICI-
PAL LEGISLATIVE BODY SHALL MAKE A REASONABLE EFFORT TO APPOINT AT LEAST
ONE ACTIVE FARMER TO THE BOARD. IN ANY COUNTY THAT HAS A COUNTY AGRICUL-
TURAL AND FARMLAND PROTECTION BOARD ESTABLISHED PURSUANT TO SECTION
THREE HUNDRED TWO OF THE AGRICULTURE AND MARKETS LAW, THE MUNICIPAL
LEGISLATIVE BODY SHALL MAKE A REASONABLE EFFORT TO APPOINT AT LEAST ONE
MEMBER OF THE COUNTY AGRICULTURAL AND FARMLAND PROTECTION BOARD TO THE
ADVISORY BOARD. THE TERMS OF MEMBERS OF THE BOARD FIRST APPOINTED SHALL
BE SO FIXED THAT THE TERM OF ONE MEMBER SHALL EXPIRE AT THE END OF THE
MUNICIPAL OFFICIAL YEAR IN WHICH SUCH MEMBERS WERE INITIALLY APPOINTED.
THE TERMS OF THE REMAINING MEMBERS FIRST APPOINTED SHALL BE SO FIXED
THAT THE TERM SHALL EXPIRE AT THE END OF EACH OFFICIAL YEAR THEREAFTER.
AT THE EXPIRATION OF THE TERM OF EACH MEMBER FIRST APPOINTED, HIS OR HER
SUCCESSOR SHALL BE APPOINTED FOR A TERM WHICH SHALL BE EQUAL IN YEARS TO
THE NUMBER OF MEMBERS OF THE ADVISORY BOARD.
7. THE MUNICIPAL LEGISLATIVE BODY OF ANY MUNICIPALITY WHICH HAS ESTAB-
LISHED A COMMUNITY PRESERVATION FUND SHALL, BY LOCAL LAW, ADOPT A COMMU-
NITY PRESERVATION PROJECT PLAN. THIS PLAN SHALL LIST EVERY PROJECT
WHICH THE MUNICIPALITY PLANS TO UNDERTAKE PURSUANT TO THE COMMUNITY
PRESERVATION FUND. IT SHALL INCLUDE EVERY PARCEL WHICH IS NECESSARY TO
BE ACQUIRED IN THE MUNICIPALITY IN ORDER TO PROTECT COMMUNITY CHARACTER.
SUCH PLAN SHALL PROVIDE FOR A DETAILED EVALUATION OF ALL AVAILABLE LAND
USE ALTERNATIVES TO PROTECT COMMUNITY CHARACTER, INCLUDING BUT NOT
LIMITED TO:
A. 5767 4
(A) FEE SIMPLE ACQUISITION;
(B) ZONING REGULATIONS, INCLUDING DENSITY REDUCTIONS, CLUSTER DEVELOP-
MENT, AND SITE PLAN AND DESIGN REQUIREMENTS;
(C) TRANSFER OF DEVELOPMENT RIGHTS;
(D) THE PURCHASE OF DEVELOPMENT RIGHTS; AND
(E) SCENIC AND CONSERVATION EASEMENTS.
SUCH EVALUATION SHALL BE AS SPECIFIC AS PRACTICABLE AS TO THE PARCELS
SELECTED FOR INCLUSION IN THE PLAN. THE PLAN SHALL ESTABLISH THE PRIORI-
TIES FOR PRESERVATION. FUNDS FROM THE COMMUNITY PRESERVATION FUND MAY
ONLY BE EXPENDED FOR PROJECTS WHICH HAVE BEEN INCLUDED IN THE PLAN. SUCH
PLAN SHALL BE UPDATED NOT LESS THAN ONCE EVERY FIVE YEARS. A COPY OF
THE PLAN SHALL BE FILED WITH THE COMMISSIONERS OF ENVIRONMENTAL CONSER-
VATION, AGRICULTURE AND MARKETS, AND THE OFFICE OF PARKS, RECREATION AND
HISTORIC PRESERVATION, AND WITH THE CLERK OF THE MUNICIPALITY AND, WHERE
PRACTICAL, POSTED ON THE MUNICIPALITY'S WEBSITE. SUCH PLAN SHALL BE
COMPLETED AT LEAST SIXTY DAYS BEFORE THE SUBMISSION OF THE MANDATORY
REFERENDUM REQUIRED BY SECTION FIFTEEN HUNDRED EIGHTY-ONE OF THE TAX
LAW.
8. ANY MUNICIPAL LEGISLATIVE BODY WHICH HAS ESTABLISHED A COMMUNITY
PRESERVATION FUND PURSUANT TO THIS SECTION MAY STUDY AND CONSIDER ESTAB-
LISHING A TRANSFER OF DEVELOPMENT RIGHTS PROGRAM TO PROTECT COMMUNITY
CHARACTER AS PROVIDED FOR BY SECTION TWO HUNDRED SIXTY-ONE-A OF THE TOWN
LAW OR SECTION TWENTY-F OF THE GENERAL CITY LAW. IF AT ANY TIME DURING
THE LIFE OF THE COMMUNITY PRESERVATION FUND A TRANSFER OF DEVELOPMENT
RIGHTS PROGRAM IS ESTABLISHED, THE MUNICIPALITY MAY UTILIZE MONIES FROM
THE COMMUNITY PRESERVATION FUND IN ORDER TO CREATE AND FUND A CENTRAL
BANK OF THE TRANSFER OF DEVELOPMENT RIGHTS PROGRAM. IF AT ANY TIME
DURING THE LIFE OF THE COMMUNITY PRESERVATION FUND, A TRANSFER OF DEVEL-
OPMENT RIGHTS PROGRAM IS REPEALED BY THE MUNICIPAL LEGISLATIVE BODY, ALL
MONIES FROM THE CENTRAL BANK SHALL BE RETURNED TO THE COMMUNITY PRESER-
VATION FUND.
9. NO INTERESTS OR RIGHTS IN REAL PROPERTY SHALL BE ACQUIRED PURSUANT
TO THIS SECTION UNTIL NOTICE IS PROVIDED AND A PUBLIC HEARING IS HELD AS
REQUIRED BY SECTION TWO HUNDRED FORTY-SEVEN OF THIS ARTICLE; PROVIDED,
HOWEVER, THAT NOTHING PURSUANT TO THIS SECTION SHALL PREVENT THE MUNICI-
PAL LEGISLATIVE BODY FROM ENTERING INTO A CONDITIONAL PURCHASE AGREEMENT
BEFORE A PUBLIC HEARING IS HELD. ANY RESOLUTION OF A MUNICIPAL LEGISLA-
TIVE BODY APPROVING AN ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROP-
ERTY PURSUANT TO THIS SECTION SHALL FIND THAT SUCH ACQUISITION WAS THE
BEST ALTERNATIVE FOR THE PROTECTION OF COMMUNITY CHARACTER OF ALL THE
REASONABLE ALTERNATIVES AVAILABLE TO THE MUNICIPALITY.
10. RIGHTS OR INTERESTS IN REAL PROPERTY ACQUIRED PURSUANT TO THIS
SECTION SHALL BE ADMINISTERED AND MANAGED IN A MANNER WHICH:
(A) ALLOWS PUBLIC USE AND ENJOYMENT IN A MANNER COMPATIBLE WITH THE
NATURAL, SCENIC, HISTORIC, AND OPEN SPACE CHARACTER OF SUCH LANDS OR
WITH THE SUSTAINABLE FORESTRY USE OF SUCH LANDS;
(B) PRESERVES THE NATIVE BIOLOGICAL DIVERSITY OF SUCH LANDS;
(C) WITH REGARD TO OPEN SPACES, LIMITS IMPROVEMENTS TO ENHANCING
ACCESS FOR PASSIVE USE OF SUCH LANDS SUCH AS NATURE TRAILS, BOARD WALKS,
HIKING TRAILS, SNOWSHOE AND CROSS-COUNTRY SKI TRAILS, BICYCLE PATHS, AND
PERIPHERAL PARKING AREAS PROVIDED THAT SUCH IMPROVEMENTS DO NOT DEGRADE
THE ECOLOGICAL VALUE OF THE LAND OR THREATEN ESSENTIAL WILDLIFE HABITAT;
AND
(D) PRESERVES CULTURAL PROPERTY CONSISTENT WITH ACCEPTED STANDARDS FOR
HISTORIC PRESERVATION.
A. 5767 5
NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBDIVISION, THERE SHALL
BE NO RIGHT TO PUBLIC USE AND ENJOYMENT OF LAND USED IN CONJUNCTION WITH
A FARM OPERATION AS DEFINED BY SUBDIVISION ELEVEN OF SECTION THREE
HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW. IN FURTHERING THE
PURPOSES OF THIS SECTION, THE MUNICIPALITY MAY ENTER INTO AGREEMENTS
WITH CORPORATIONS ORGANIZED UNDER THE NOT-FOR-PROFIT CORPORATION LAW
THAT ENGAGE IN LAND TRUST ACTIVITIES TO MANAGE LANDS INCLUDING LESS THAN
FEE INTERESTS ACQUIRED PURSUANT TO THE PROVISIONS OF THIS SECTION,
PROVIDED THAT ANY SUCH AGREEMENT SHALL CONTAIN A PROVISION THAT SUCH
CORPORATION SHALL KEEP AND MANAGE THE LANDS CONSISTENT WITH THIS
SECTION.
11. RIGHTS OR INTERESTS IN REAL PROPERTY ACQUIRED WITH MONIES FROM
SUCH FUND SHALL NOT BE SOLD, LEASED, EXCHANGED, DONATED, OR OTHERWISE
DISPOSED OF OR USED FOR OTHER THAN THE PURPOSES PERMITTED BY THIS
SECTION WITHOUT THE EXPRESS AUTHORITY OF AN ACT OF THE STATE LEGISLA-
TURE, WHICH SHALL PROVIDE FOR THE SUBSTITUTION OF OTHER LANDS OF EQUAL
ENVIRONMENTAL VALUE AND FAIR MARKET VALUE AND REASONABLY EQUIVALENT
USEFULNESS AND LOCATION TO THOSE TO BE DISCONTINUED, SOLD OR DISPOSED
OF, AND SUCH OTHER REQUIREMENTS AS SHALL BE APPROVED BY THE STATE LEGIS-
LATURE. ANY CONSERVATION EASEMENTS, CREATED UNDER TITLE THREE OF ARTI-
CLE FORTY-NINE OF THE ENVIRONMENTAL CONSERVATION LAW, WHICH ARE ACQUIRED
WITH MONIES FROM SUCH FUND, MAY ONLY BE MODIFIED OR EXTINGUISHED AS
PROVIDED BY SECTION 49-0307 OF THE ENVIRONMENTAL CONSERVATION LAW. NOTH-
ING IN THIS SECTION SHALL PRECLUDE A MUNICIPALITY, BY LOCAL LAW, FROM
ESTABLISHING ADDITIONAL RESTRICTIONS TO THE ALIENATION OF RIGHTS OR
INTERESTS IN REAL PROPERTY ACQUIRED PURSUANT TO THIS SECTION. THIS
SUBDIVISION SHALL NOT APPLY TO THE SALE OF DEVELOPMENT RIGHTS BY A MUNI-
CIPALITY ACQUIRED PURSUANT TO THIS SECTION, WHERE SUCH SALE IS MADE BY A
DEVELOPMENT RIGHTS BANK CREATED BY A MUNICIPALITY, PURSUANT TO A TRANS-
FER OF DEVELOPMENT RIGHTS PROGRAM ESTABLISHED BY A MUNICIPALITY PURSUANT
TO THE APPLICABLE PROVISIONS OF SECTION TWO HUNDRED SIXTY-ONE-A OF THE
TOWN LAW OR SECTION TWENTY-F OF THE GENERAL CITY LAW, PROVIDED, HOWEVER:
(A) THAT THE LANDS FROM WHICH SUCH DEVELOPMENT RIGHTS WERE ACQUIRED
SHALL REMAIN PRESERVED IN PERPETUITY BY A PERMANENT CONSERVATION OR
OTHER INSTRUMENT THAT SIMILARLY PRESERVES THE COMMUNITY CHARACTER REFER-
ENCED IN SUBDIVISION FIVE OF THIS SECTION; AND
(B) THE PROCEEDS FROM SUCH SALE SHALL BE DEPOSITED IN THE COMMUNITY
PRESERVATION FUND.
S 2. The tax law is amended by adding a new article 33-C to read as
follows:
ARTICLE 33-C
TAX ON REAL ESTATE TRANSFERS
IN CITIES AND TOWNS
SECTION 1580. DEFINITIONS.
1581. IMPOSITION OF TAX.
1582. PAYMENT OF TAX.
1583. LIABILITY FOR TAX.
1584. EXEMPTIONS.
1585. CREDIT.
1586. COOPERATIVE HOUSING CORPORATION TRANSFERS.
1587. DESIGNATION OF AGENTS.
1588. LIABILITY OF RECORDING OFFICER.
1589. REFUNDS.
1590. DEPOSIT AND DISPOSITION OF REVENUE.
A. 5767 6
1591. JUDICIAL REVIEW.
1592. APPORTIONMENT.
1593. MISCELLANEOUS.
1594. RETURNS TO BE SECRET.
S 1580. DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHERWISE
EXPRESSLY STATED, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
MEANINGS:
1. "CONSIDERATION" MEANS THE PRICE ACTUALLY PAID OR REQUIRED TO BE
PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
IN THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
OR ANY OTHER THING OF VALUE. IT SHALL INCLUDE THE CANCELLATION OR
DISCHARGE OF AN INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN OR OTHER ENCUM-
BRANCE, WHETHER OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
SUBJECT TO:
(A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE GRANTING
OF AN OPTION WITH USE AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND OTHER
PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE
EXERCISE OF ANY OPTION TO RENEW.
(B) IN THE CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE SUBLEASE
RENTAL PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE VALUE
OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
TO RENEW LESS THE VALUE OF THE REMAINING PRIME LEASE RENTAL PAYMENTS
REQUIRED TO BE MADE.
(C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
PROPERTY, CONSIDERATION SHALL MEAN THE FAIR MARKET VALUE OF THE REAL
PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
(D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD INTEREST
OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
PROPERTY, CONSIDERATION SHALL NOT INCLUDE THE VALUE OF THE REMAINING
RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH LEASE
OR THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
(E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
PLAN SPONSOR, AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF OF
SUCH STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD FOR A COOPERATIVE UNIT
OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
PROPORTIONATE SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING THE COOPER-
ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
ATOR OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
THE COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR
TRANSFER OF A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
A. 5767 7
BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
RATION.
2. "CONTROLLING INTEREST" MEANS (A) IN THE CASE OF A CORPORATION,
EITHER FIFTY PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR MORE OF THE
CAPITAL, PROFITS OR BENEFICIAL INTEREST IN SUCH VOTING STOCK OF SUCH
CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS OR BENEFI-
CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
3. "CONVEYANCE" MEANS THE TRANSFER OF ANY INTEREST IN REAL PROPERTY BY
ANY METHOD, INCLUDING BUT NOT LIMITED TO, SALE, EXCHANGE, ASSIGNMENT,
SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN LIEU OF FORECLOSURE,
OPTION, TRUST INDENTURE, TAKING BY EMINENT DOMAIN, CONVEYANCE UPON
LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION OF A CONTROL-
LING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPERTY. TRANSFER
OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE CREATION OF A LEASE-
HOLD OR SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE LEASE OR
SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE YEARS, (B)
SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE BENE-
FIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
SUBSTANTIALLY ALL OF THE PREMISES CONSTITUTING THE REAL PROPERTY.
NOTWITHSTANDING THE FOREGOING, CONVEYANCE OF REAL PROPERTY SHALL NOT
INCLUDE A CONVEYANCE MADE PURSUANT TO DEVISE, BEQUEST OR INHERITANCE;
THE CREATION, MODIFICATION, EXTENSION, SPREADING, SEVERANCE, CONSOL-
IDATION, ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORTGAGE; A
MORTGAGE SUBORDINATION AGREEMENT, A MORTGAGE SEVERANCE AGREEMENT, AN
INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR A RELEASE
OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVENUE CODE.
4. "TAX" MEANS THE REAL ESTATE TRANSFER TAX PAYABLE ON A REAL PROPERTY
CONVEYANCE PURSUANT TO SECTION FIFTEEN HUNDRED EIGHTY-ONE OF THIS ARTI-
CLE, BUT SHALL HAVE A DIFFERENT MEANING IF THE CONTEXT CLEARLY INDICATES
SUCH AS THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT TO ARTICLE THIR-
TY-ONE OF THIS CHAPTER.
5. "FUND" MEANS A COMMUNITY PRESERVATION FUND CREATED PURSUANT TO
SECTION TWO HUNDRED FORTY-EIGHT OF THE GENERAL MUNICIPAL LAW.
6. "BUYER" MEANS THE PERSON WHO OBTAINS REAL PROPERTY OR INTEREST
THEREIN AS A RESULT OF A CONVEYANCE.
7. "SELLER" MEANS THE PERSON MAKING THE CONVEYANCE OF REAL PROPERTY OR
INTEREST THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN INTEREST IN
REAL PROPERTY, "SELLER" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
ERTY OR A SHAREHOLDER OR PARTNER TRANSFERRING STOCK OR PARTNERSHIP
INTEREST, RESPECTIVELY.
8. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A LEASEHOLD
INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
SPACE AND AIR RIGHTS, OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO RECEIVE RENTS, PROFITS OR
OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
OR CONTRACT TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
FIRST REFUSAL TO PURCHASE REAL PROPERTY.
9. "MUNICIPALITY" MEANS A CITY OR TOWN.
10. "MUNICIPAL LEGISLATIVE BODY" MEANS THE TOWN BOARD OF A TOWN; OR
THE BOARD OF ALDERMEN, COMMON COUNCIL, COUNCIL OR COMMISSION OF A CITY.
11. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, LIMITED LIABILITY
COMPANY, SOCIETY, ASSOCIATION, JOINT STOCK COMPANY, CORPORATION, ESTATE,
RECEIVER, TRUSTEE, ASSIGNEE, REFEREE OR ANY OTHER PERSON ACTING IN A
A. 5767 8
FIDUCIARY OR REPRESENTATIVE CAPACITY, WHETHER APPOINTED BY A COURT OR
OTHERWISE, ANY COMBINATION OF INDIVIDUALS, AND ANY OTHER FORM OF UNIN-
CORPORATED ENTERPRISE OWNED OR CONDUCTED BY TWO OR MORE PERSONS.
12. "REAL PROPERTY" MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR HEREDI-
TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN ANY CITY OR TOWN IN THE
STATE OF NEW YORK. IT SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
13. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY WHERE THE
REAL PROPERTY IS LOCATED EXCEPT IN A COUNTY HAVING A REGISTER, WHERE IT
MEANS THE REGISTER OF THE COUNTY, OR IN THE CITY OF NEW YORK WHERE IT
MEANS THE CITY REGISTER.
14. "RESIDENTIAL REAL PROPERTY" MEANS PROPERTY WHICH SATISFIES AT
LEAST ONE OF THE FOLLOWING CONDITIONS:
(A) THE PROPERTY CLASSIFICATION CODE ASSIGNED TO THE PROPERTY ON THE
LATEST FINAL ASSESSMENT ROLL, AS REPORTED ON THE TRANSFER REPORT FORM,
INDICATES THAT THE PROPERTY IS A ONE, TWO OR THREE FAMILY HOME OR A
RURAL RESIDENCE; OR
(B) THE TRANSFER REPORT FORM INDICATES THAT THE PROPERTY IS ONE, TWO
OR THREE FAMILY RESIDENTIAL PROPERTY THAT HAS BEEN NEWLY CONSTRUCTED ON
VACANT LAND; OR
(C) THE TRANSFER REPORT FORM INDICATES THAT THE PROPERTY IS A RESIDEN-
TIAL CONDOMINIUM.
15. "TREASURER" MEANS THE TREASURER OF THE COUNTY WHERE THE REAL PROP-
ERTY IS LOCATED EXCEPT IN A CITY WITH A POPULATION OF ONE MILLION OR
MORE, WHERE IT MEANS THE CITY DEPARTMENT OF FINANCE.
S 1581. IMPOSITION OF TAX. 1. NOTWITHSTANDING ANY OTHER PROVISIONS OF
LAW TO THE CONTRARY, ANY MUNICIPALITY ACTING THROUGH ITS MUNICIPAL
LEGISLATIVE BODY IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT A LOCAL LAW
IMPOSING IN SUCH MUNICIPALITY A TAX ON EACH CONVEYANCE OF REAL PROPERTY
OR INTEREST THEREIN AT A RATE NOT TO EXCEED A MAXIMUM OF TWO PERCENT OF
THE CONSIDERATION FOR SUCH CONVEYANCE; ANY SUCH LOCAL LAW SHALL FIX THE
RATE OF SUCH TAX. PROVIDED HOWEVER, ANY SUCH LOCAL LAW IMPOSING, REPEAL-
ING OR REIMPOSING SUCH TAX SHALL BE SUBJECT TO A MANDATORY REFERENDUM
PURSUANT TO SECTION TWENTY-THREE OF THE MUNICIPAL HOME RULE LAW. SUCH
LOCAL LAW SHALL ONLY BE SUBMITTED FOR THE APPROVAL OF THE ELECTORS AT A
GENERAL ELECTION. NOTWITHSTANDING THE FOREGOING, PRIOR TO ADOPTION OF
ANY SUCH LOCAL LAW, THE MUNICIPALITY MUST ESTABLISH A COMMUNITY PRESER-
VATION FUND PURSUANT TO SECTION TWO HUNDRED FORTY-EIGHT OF THE GENERAL
MUNICIPAL LAW. REVENUES FROM SUCH A TAX SHALL BE DEPOSITED IN SUCH FUND
AND MAY BE USED SOLELY FOR THE PURPOSES OF SUCH FUND. SUCH LOCAL LAW
SHALL APPLY TO ANY CONVEYANCE OCCURRING ON OR AFTER THE FIRST DAY OF A
MONTH TO BE DESIGNATED BY SUCH MUNICIPAL LEGISLATIVE BODY, WHICH IS NOT
LESS THAN SIXTY DAYS AFTER THE ENACTMENT OF SUCH LOCAL LAW, BUT SHALL
NOT APPLY TO CONVEYANCES MADE ON OR AFTER SUCH DATE PURSUANT TO BINDING
WRITTEN CONTRACTS ENTERED INTO PRIOR TO SUCH DATE; PROVIDED THAT THE
DATE OF EXECUTION OF SUCH CONTRACT IS CONFIRMED BY INDEPENDENT EVIDENCE
SUCH AS THE RECORDING OF THE CONTRACT, PAYMENT OF A DEPOSIT OR OTHER
FACTS AND CIRCUMSTANCES AS DETERMINED BY THE TREASURER.
2. NOTHING IN THIS ARTICLE SHALL BE CONSTRUED TO SUPERSEDE, AFFECT,
IMPAIR OR INVALIDATE ANY PROVISION OF ARTICLE THIRTY-ONE-B OR
THIRTY-ONE-D OF THIS CHAPTER. NOTHING IN ARTICLE THIRTY-ONE-B OR THIR-
TY-ONE-D OF THIS CHAPTER SHALL AFFECT OR IMPAIR THE AUTHORITY OF THE
TOWNS OF BROOKHAVEN, EAST HAMPTON, RIVERHEAD, SHELTER ISLAND, SOUTHAMP-
TON AND SOUTHOLD TO ADOPT A LOCAL LAW IMPOSING IN SUCH MUNICIPALITIES A
FEE ON CONVEYANCES OF REAL PROPERTY AS AUTHORIZED BY THIS ARTICLE.
A. 5767 9
S 1582. PAYMENT OF TAX. 1. THE TAX IMPOSED PURSUANT TO THIS ARTICLE
SHALL BE PAID TO THE TREASURER OR THE RECORDING OFFICER ACTING AS THE
AGENT OF THE TREASURER UPON DESIGNATION AS SUCH AGENT BY THE TREASURER.
SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE REAL ESTATE TRANSFER TAX
IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER IS REQUIRED TO BE PAID.
SUCH TREASURER OR RECORDING OFFICER SHALL ENDORSE UPON EACH DEED OR
INSTRUMENT EFFECTING A CONVEYANCE A RECEIPT FOR THE AMOUNT OF THE TAX SO
PAID.
2. A RETURN SHALL BE FILED WITH SUCH TREASURER OR RECORDING OFFICER
FOR PURPOSES OF THE FEE IMPOSED PURSUANT TO THIS ARTICLE AT THE SAME
TIME AS A RETURN IS REQUIRED TO BE FILED FOR PURPOSES OF THE REAL ESTATE
TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER. THE TREASUR-
ER SHALL PRESCRIBE THE FORM OF THE RETURN, THE INFORMATION WHICH IT
SHALL CONTAIN, AND THE DOCUMENTATION THAT SHALL ACCOMPANY THE RETURN.
SUCH FORM SHALL BE IDENTICAL TO THE REAL ESTATE TRANSFER TAX RETURN
REQUIRED TO BE FILED PURSUANT TO SECTION FOURTEEN HUNDRED NINE OF THIS
CHAPTER, EXCEPT THAT THE TREASURER SHALL ADAPT THE FORM TO REFLECT THE
PROVISIONS IN THIS ARTICLE THAT ARE INCONSISTENT, DIFFERENT FROM, OR IN
ADDITION TO THE PROVISIONS OF ARTICLE THIRTY-ONE OF THIS CHAPTER. THE
REAL ESTATE TRANSFER TAX RETURNS REQUIRED TO BE FILED PURSUANT TO THIS
SECTION SHALL BE PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL SUCH
TREASURER OR RECORDING OFFICER ORDERS THEM TO BE DESTROYED.
3. THE RECORDING OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL HAVE BEEN PAID AS
REQUIRED IN THIS SECTION.
S 1583. LIABILITY FOR TAX. 1. THE TAX SHALL BE PAID BY THE BUYER. IF
THE BUYER HAS FAILED TO PAY THE TAX IMPOSED PURSUANT TO THIS ARTICLE OR
IF THE BUYER IS EXEMPT FROM SUCH TAX, THE SELLER SHALL HAVE THE DUTY TO
PAY THE TAX. WHERE THE SELLER HAS THE DUTY TO PAY THE TAX BECAUSE THE
BUYER HAS FAILED TO PAY THE TAX, SUCH TAX SHALL BE THE JOINT AND SEVERAL
LIABILITY OF THE BUYER AND THE SELLER.
2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
PREVENT EVASION OF THE TAX HEREBY IMPOSED, IT SHALL BE PRESUMED THAT ALL
CONVEYANCES ARE SUBJECT TO THE TAX. WHERE THE CONSIDERATION INCLUDES
PROPERTY OTHER THAN MONEY, IT SHALL BE PRESUMED THAT THE CONSIDERATION
IS THE FAIR MARKET VALUE OF THE REAL PROPERTY OR INTEREST THEREIN. THESE
PRESUMPTIONS SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
TAX.
S 1584. EXEMPTIONS. 1. THE FOLLOWING SHALL BE EXEMPT FROM THE PAYMENT
OF THE TAX:
(A) THE STATE OF NEW YORK, OR ANY OF ITS AGENCIES, INSTRUMENTALITIES,
POLITICAL SUBDIVISIONS, OR PUBLIC CORPORATIONS (INCLUDING A PUBLIC
CORPORATION CREATED PURSUANT TO AN AGREEMENT OR COMPACT WITH ANOTHER
STATE OR THE DOMINION OF CANADA); AND
(B) THE UNITED NATIONS, THE UNITED STATES OF AMERICA OR ANY OF ITS
AGENCIES OR INSTRUMENTALITIES.
2. THE TAX SHALL NOT APPLY TO ANY OF THE FOLLOWING CONVEYANCES:
(A) CONVEYANCES TO THE UNITED NATIONS, THE UNITED STATES OF AMERICA,
THE STATE OF NEW YORK, OR ANY OF THEIR INSTRUMENTALITIES, AGENCIES OR
POLITICAL SUBDIVISIONS OR ANY PUBLIC CORPORATION (INCLUDING A PUBLIC
CORPORATION CREATED PURSUANT TO AGREEMENT OR COMPACT WITH ANOTHER STATE
OR THE DOMINION OF CANADA);
(B) CONVEYANCES WHICH ARE OR WERE USED TO SECURE A DEBT OR OTHER OBLI-
GATION;
A. 5767 10
(C) CONVEYANCES WHICH, WITHOUT ADDITIONAL CONSIDERATION, CONFIRM,
CORRECT, MODIFY OR SUPPLEMENT A DEED PREVIOUSLY RECORDED;
(D) CONVEYANCES OF REAL PROPERTY WITHOUT CONSIDERATION AND OTHERWISE
THAN IN CONNECTION WITH A SALE, INCLUDING DEEDS CONVEYING REALTY AS BONA
FIDE GIFTS;
(E) CONVEYANCES GIVEN IN CONNECTION WITH A TAX SALE;
(F) CONVEYANCES TO EFFECTUATE A MERE CHANGE OF IDENTITY OR FORM OF
OWNERSHIP OR ORGANIZATION WHERE THERE IS NO CHANGE IN BENEFICIAL OWNER-
SHIP, OTHER THAN CONVEYANCES TO A COOPERATIVE HOUSING CORPORATION OF THE
REAL PROPERTY COMPRISING THE COOPERATIVE DWELLING OR DWELLINGS;
(G) CONVEYANCES WHICH CONSIST OF A DEED OF PARTITION;
(H) CONVEYANCES GIVEN PURSUANT TO THE FEDERAL BANKRUPTCY ACT;
(I) CONVEYANCES OF REAL PROPERTY WHICH CONSIST OF THE EXECUTION OF A
CONTRACT TO SELL REAL PROPERTY WITHOUT THE USE OR OCCUPANCY OF SUCH
PROPERTY OR THE GRANTING OF AN OPTION TO PURCHASE REAL PROPERTY WITHOUT
THE USE OR OCCUPANCY OF SUCH PROPERTY;
(J) CONVEYANCES OF REAL PROPERTY, WHERE THE ENTIRE PARCEL OF REAL
PROPERTY TO BE CONVEYED IS THE SUBJECT OF ONE OR MORE OF THE FOLLOWING
DEVELOPMENT RESTRICTIONS:
(1) AGRICULTURAL, CONSERVATION, SCENIC, OR OPEN SPACE EASEMENT,
(2) COVENANTS OR RESTRICTIONS PROHIBITING DEVELOPMENT WHERE THE PROP-
ERTY BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS PERMANENTLY REMOVED,
(3) A PURCHASE OF DEVELOPMENT RIGHTS AGREEMENT WHERE THE PROPERTY
BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS PERMANENTLY REMOVED,
(4) A TRANSFER OF DEVELOPMENT RIGHTS AGREEMENT, WHERE THE PROPERTY
BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS PERMANENTLY REMOVED, OR
(5) REAL PROPERTY SUBJECT TO ANY LOCALLY ADOPTED LAND PRESERVATION
AGREEMENT; PROVIDED THAT THE MUNICIPAL LEGISLATIVE BODY EXEMPTS FROM THE
TAX THOSE CONVEYANCES SUBJECT TO SUCH DEVELOPMENT RESTRICTION IN THE
LOCAL LAW ADOPTED PURSUANT TO THIS ARTICLE;
(K) CONVEYANCES OF REAL PROPERTY, WHERE THE PROPERTY IS PREDOMINANTLY
VIABLE AGRICULTURAL LAND AS DEFINED IN SUBDIVISION SEVEN OF SECTION
THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW, AND THE ENTIRE
PROPERTY TO BE CONVEYED IS TO BE MADE SUBJECT TO ONE OF THE DEVELOPMENT
RESTRICTIONS PROVIDED FOR IN PARAGRAPH (J) OF THIS SUBDIVISION; PROVIDED
THAT SUCH DEVELOPMENT RESTRICTION PRECLUDES THE CONVERSION OF THE PROP-
ERTY TO A NON-AGRICULTURAL USE FOR AT LEAST EIGHT YEARS FROM THE DATE OF
TRANSFER, AND THAT SAID DEVELOPMENT RESTRICTION IS EVIDENCED BY AN EASE-
MENT, AGREEMENT, OR OTHER SUITABLE INSTRUMENT WHICH IS TO BE CONVEYED TO
THE MUNICIPALITY SIMULTANEOUSLY WITH THE CONVEYANCE OF THE REAL PROPER-
TY; OR
(L) CONVEYANCES OF REAL PROPERTY FOR OPEN SPACE, PARKS, OR HISTORIC
PRESERVATION PURPOSES TO ANY NOT-FOR-PROFIT TAX EXEMPT CORPORATION OPER-
ATED FOR CONSERVATION, ENVIRONMENTAL, PARKS OR HISTORIC PRESERVATION
PURPOSES.
3. AN EXEMPTION FROM THE TAX WHICH IS EQUAL TO THE MEDIAN SALES PRICE
OF RESIDENTIAL REAL PROPERTY WITHIN THE APPLICABLE COUNTY, AS DETERMINED
BY THE OFFICE OF REAL PROPERTY SERVICES PURSUANT TO SECTION FOUR HUNDRED
TWENTY-FIVE OF THE REAL PROPERTY TAX LAW, SHALL BE ALLOWED ON THE
CONSIDERATION OF THE CONVEYANCE OF IMPROVED OR UNIMPROVED REAL PROPERTY
OR AN INTEREST THEREIN.
S 1585. CREDIT. A BUYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX DUE
ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT THE TAX WAS PAID BY SUCH
BUYER ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A PORTION OF THE SAME
REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO PURCHASE
ALL OR A PORTION OF THE SAME REAL PROPERTY BY SUCH BUYER. SUCH CREDIT
A. 5767 11
SHALL BE COMPUTED BY MULTIPLYING THE TAX PAID ON THE CREATION OF THE
LEASEHOLD OR ON THE GRANTING OF THE OPTION OR CONTRACT BY A FRACTION,
THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION USED TO COMPUTE
SUCH TAX PAID WHICH IS NOT YET DUE TO SUCH SELLER ON THE DATE OF THE
SUBSEQUENT CONVEYANCE (AND WHICH SUCH SELLER WILL NOT BE ENTITLED TO
RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS THE TOTAL
VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
S 1586. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1. NOTWITHSTANDING
THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVISION TWO OF
SECTION FIFTEEN HUNDRED EIGHTY OF THIS ARTICLE OR ANYTHING TO THE
CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION FIFTEEN HUNDRED EIGHTY
OF THIS ARTICLE, THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL APPLY TO
(A) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A COOPERATIVE HOUSING
CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER OF A PROPRIETARY
LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE PLAN SPONSOR,
AND (B) THE SUBSEQUENT CONVEYANCE OF SUCH STOCK IN A COOPERATIVE HOUSING
CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER OF A PROPRIETARY
LEASEHOLD BY THE OWNER THEREOF. WITH RESPECT TO ANY SUCH SUBSEQUENT
CONVEYANCE WHERE THE PROPERTY IS AN INDIVIDUAL RESIDENTIAL UNIT, THE
CONSIDERATION FOR THE INTEREST CONVEYED SHALL EXCLUDE THE VALUE OF ANY
LIENS ON CERTIFICATES OF STOCK OR OTHER EVIDENCES OF AN OWNERSHIP INTER-
EST IN AND A PROPRIETARY LEASE FROM A CORPORATION OR PARTNERSHIP FORMED
FOR THE PURPOSE OF COOPERATIVE OWNERSHIP OF RESIDENTIAL INTEREST IN REAL
ESTATE REMAINING THEREON AT THE TIME OF CONVEYANCE. IN DETERMINING THE
TAX ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION, A
CREDIT SHALL BE ALLOWED FOR A PROPORTIONATE PART OF THE AMOUNT OF ANY
TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION OF
THE REAL PROPERTY COMPRISING THE COOPERATIVE DWELLING OR DWELLINGS TO
THE EXTENT THAT SUCH CONVEYANCE EFFECTUATED A MERE CHANGE OF IDENTITY OR
FORM OF OWNERSHIP OF SUCH PROPERTY AND NOT A CHANGE IN THE BENEFICIAL
OWNERSHIP OF SUCH PROPERTY. THE AMOUNT OF THE CREDIT SHALL BE DETERMINED
BY MULTIPLYING THE AMOUNT OF TAX PAID UPON THE CONVEYANCE TO THE COOPER-
ATIVE HOUSING CORPORATION BY A PERCENTAGE REPRESENTING THE EXTENT TO
WHICH SUCH CONVEYANCE EFFECTUATED A MERE CHANGE OF IDENTITY OR FORM OF
OWNERSHIP AND NOT A CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY,
AND THEN MULTIPLYING THE RESULTING PRODUCT BY A FRACTION, THE NUMERATOR
OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK CONVEYED IN A TRANS-
ACTION DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION, AND THE DENOMINA-
TOR OF WHICH SHALL BE THE TOTAL NUMBER OF SHARES OF STOCK OF THE COOPER-
ATIVE HOUSING CORPORATION (INCLUDING ANY STOCK HELD BY THE CORPORATION).
IN NO EVENT, HOWEVER, SHALL SUCH CREDIT REDUCE THE TAX, ON A CONVEYANCE
DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION, BELOW ZERO, NOR SHALL
ANY SUCH CREDIT BE ALLOWED FOR A TAX PAID MORE THAN TWENTY-FOUR MONTHS
PRIOR TO THE DATE ON WHICH OCCURS THE FIRST IN A SERIES OF CONVEYANCES
OF SHARES OF STOCK IN AN OFFERING OF COOPERATIVE HOUSING CORPORATION
SHARES DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION.
2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE AN
INFORMATION RETURN WITH THE TREASURER BY JULY FIFTEENTH OF EACH YEAR
COVERING THE PRECEDING PERIOD OF JANUARY FIRST THROUGH JUNE THIRTIETH
AND BY JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN SUCH
INFORMATION REGARDING THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM NECESSARY, INCLUD-
ING, BUT NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE SELLER AND THE BUYER, THE
A. 5767 12
NUMBER OF SHARES CONVEYED, THE DATE OF THE CONVEYANCE AND THE CONSIDER-
ATION PAID FOR SUCH CONVEYANCE.
S 1587. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
NATE THE RECORDING OFFICER TO ACT AS HIS OR HER AGENT FOR PURPOSES OF
COLLECTING THE TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER SHALL
PROVIDE FOR THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS HIS OR
HER AGENT SUBJECT TO SUCH TERMS AND CONDITIONS AS THE TREASURER SHALL
PRESCRIBE. THE TAX SHALL BE PAID TO SUCH AGENT AS PROVIDED IN SECTION
FIFTEEN HUNDRED EIGHTY-TWO OF THIS ARTICLE.
S 1588. LIABILITY OF RECORDING OFFICER. A RECORDING OFFICER SHALL NOT
BE LIABLE FOR ANY INACCURACY IN THE AMOUNT OF TAX IMPOSED PURSUANT TO
THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS HE OR SHE SHALL
COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE VALUE
OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR HER BY
THE PERSON PAYING THE TAX.
S 1589. REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT ANY
MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT
TO THIS ARTICLE WERE PAID IN ERROR, HE OR SHE MAY CAUSE SUCH MONEYS TO
BE REFUNDED PURSUANT TO SUCH REQUIREMENTS HE OR SHE MAY PRESCRIBE,
PROVIDED THAT ANY APPLICATION FOR SUCH REFUND IS FILED WITH THE TREASUR-
ER WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
S 1590. DEPOSIT AND DISPOSITION OF REVENUE. 1. ALL TAXES, PENALTIES
AND INTEREST IMPOSED BY THE MUNICIPALITY UNDER THE AUTHORITY OF SECTION
FIFTEEN HUNDRED EIGHTY-ONE OF THIS ARTICLE, WHICH ARE COLLECTED BY THE
TREASURER OR HIS OR HER AGENTS, SHALL BE DEPOSITED IN A SINGLE TRUST
FUND FOR THE MUNICIPALITY AND SHALL BE KEPT IN TRUST AND SEPARATE AND
APART FROM ALL OTHER MONIES IN POSSESSION OF THE TREASURER. MONEYS IN
SUCH FUND SHALL BE DEPOSITED AND SECURED IN THE MANNER PROVIDED BY
SECTION TEN OF THE GENERAL MUNICIPAL LAW. PENDING EXPENDITURE FROM SUCH
FUND, MONEYS THEREIN MAY BE INVESTED IN THE MANNER PROVIDED IN SECTION
ELEVEN OF THE GENERAL MUNICIPAL LAW. ANY INTEREST EARNED OR CAPITAL GAIN
REALIZED ON THE MONEYS SO DEPOSITED OR INVESTED SHALL ACCRUE TO AND
BECOME PART OF SUCH FUND.
2. THE TREASURER SHALL RETAIN SUCH AMOUNT AS HE OR SHE MAY DETERMINE
TO BE NECESSARY FOR REFUNDS WITH RESPECT TO THE TAX IMPOSED BY THE MUNI-
CIPALITY, UNDER THE AUTHORITY OF SECTION FIFTEEN HUNDRED EIGHTY-ONE OF
THIS ARTICLE, OUT OF WHICH THE TREASURER SHALL PAY ANY REFUNDS OF SUCH
TAXES TO THOSE SUBJECT TO THE TAXES ENTITLED TO A REFUND PURSUANT TO THE
PROVISIONS OF THIS ARTICLE.
3. THE TREASURER, AFTER RESERVING SUCH REFUNDS, SHALL ON OR BEFORE THE
TWELFTH DAY OF EACH MONTH PAY TO THE MUNICIPALITY THE TAXES, PENALTIES
AND INTEREST IMPOSED BY THE MUNICIPALITY UNDER THE AUTHORITY OF SECTION
FIFTEEN HUNDRED EIGHTY-ONE OF THIS ARTICLE, COLLECTED BY THE TREASURER
PURSUANT TO THIS ARTICLE DURING THE NEXT PRECEDING CALENDAR MONTH. THE
AMOUNT SO PAYABLE SHALL BE CERTIFIED TO THE MUNICIPAL LEGISLATIVE BODY
BY THE TREASURER, WHO SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN
SUCH CERTIFICATION. PROVIDED, HOWEVER, ANY SUCH CERTIFICATION MAY BE
BASED ON SUCH INFORMATION AS MAY BE AVAILABLE TO THE TREASURER AT THE
TIME SUCH CERTIFICATION MUST BE MADE UNDER THIS SECTION. WHERE THE
AMOUNT SO PAID OVER TO THE MUNICIPALITY IN ANY SUCH DISTRIBUTION IS MORE
OR LESS THAN THE AMOUNT DUE TO THE MUNICIPALITY, THE AMOUNT OF THE OVER-
PAYMENT OR UNDERPAYMENT SHALL BE CERTIFIED TO THE MUNICIPAL LEGISLATIVE
BODY BY THE TREASURER, WHO SHALL NOT BE HELD LIABLE FOR ANY INACCURACY
IN SUCH CERTIFICATION. THE AMOUNT OF THE OVERPAYMENT OR UNDERPAYMENT
SHALL BE SO CERTIFIED TO THE MUNICIPAL LEGISLATIVE BODY AS SOON AFTER
THE DISCOVERY OF THE OVERPAYMENT OR UNDERPAYMENT AS REASONABLY POSSIBLE
A. 5767 13
AND SUBSEQUENT PAYMENTS AND DISTRIBUTIONS BY THE TREASURER TO SUCH MUNI-
CIPALITY SHALL BE ADJUSTED BY SUBTRACTING THE AMOUNT OF ANY SUCH OVER-
PAYMENT FROM OR BY ADDING THE AMOUNT OF ANY SUCH UNDERPAYMENT TO SUCH
NUMBER OF SUBSEQUENT PAYMENTS AND DISTRIBUTIONS AS THE TREASURER AND THE
MUNICIPAL LEGISLATIVE BODY SHALL CONSIDER REASONABLE IN VIEW OF THE
OVERPAYMENT OR UNDERPAYMENT AND ALL OTHER FACTS AND CIRCUMSTANCES.
4. ALL MONIES RECEIVED FROM THE TREASURER SHALL BE DEPOSITED IN THE
FUND OF THE MUNICIPALITY, PURSUANT TO SECTION TWO HUNDRED FORTY-EIGHT OF
THE GENERAL MUNICIPAL LAW.
S 1591. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
ANY TAX PAYABLE UNDER SECTION FIFTEEN HUNDRED EIGHTY-TWO OF THIS ARTICLE
SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITUTIONALITY OR ANY
OTHER REASON WHATSOEVER BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF
THE CIVIL PRACTICE LAW AND RULES IF APPLICATION THEREFOR IS MADE TO THE
SUPREME COURT WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH
FINAL DETERMINATION, PROVIDED, HOWEVER, THAT ANY SUCH PROCEEDING UNDER
ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND RULES SHALL NOT BE
INSTITUTED UNLESS (A) THE AMOUNT OF ANY TAX SOUGHT TO BE REVIEWED, WITH
SUCH INTEREST AND PENALTIES THEREON AS MAY BE PROVIDED FOR BY LOCAL LAW
SHALL BE FIRST DEPOSITED AND THERE IS FILED AN UNDERTAKING, ISSUED BY A
SURETY COMPANY AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE AND
APPROVED BY THE STATE SUPERINTENDENT OF INSURANCE AS TO SOLVENCY AND
RESPONSIBILITY, IN SUCH AMOUNT AS A JUSTICE OF THE SUPREME COURT SHALL
APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
CONFIRMED THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY ACCRUE
IN THE PROSECUTION OF SUCH PROCEEDING OR (B) AT THE OPTION OF THE PETI-
TIONER, SUCH UNDERTAKING MAY BE IN A SUM SUFFICIENT TO COVER THE TAXES,
INTEREST AND PENALTIES STATED IN SUCH DETERMINATION, PLUS THE COSTS AND
CHARGES WHICH MAY ACCRUE AGAINST IT IN THE PROSECUTION OF THE PROCEED-
ING, IN WHICH EVENT THE PETITIONER SHALL NOT BE REQUIRED TO PAY SUCH
TAXES, INTEREST OR PENALTIES AS A CONDITION PRECEDENT TO THE APPLICA-
TION.
2. WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED AND APPLICATION FOR
THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
OFFICERS, AND SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE REVIEWABLE
BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
AND RULES; PROVIDED, HOWEVER, THAT (A) SUCH PROCEEDING IS INSTITUTED
WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, AND
(B) A FINAL DETERMINATION OF TAX DUE WAS NOT PREVIOUSLY MADE, AND (C) AN
UNDERTAKING IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE SUPREME COURT SHALL
APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
CONFIRMED, THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
S 1592. APPORTIONMENT. A LOCAL LAW ADOPTED BY ANY MUNICIPALITY PURSU-
ANT TO THIS ARTICLE SHALL PROVIDE FOR A METHOD OF APPORTIONMENT FOR
DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPERTY OR INTEREST
THEREIN IS SITUATED WITHIN AND WITHOUT THE MUNICIPALITY.
S 1593. MISCELLANEOUS. A LOCAL LAW ADOPTED BY ANY MUNICIPALITY PURSU-
ANT TO THIS ARTICLE MAY CONTAIN SUCH OTHER PROVISIONS AS THE MUNICI-
PALITY DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE TAX IMPOSED
PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERNING THE DETERMI-
NATION OF TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS AND OVERPAY-
MENTS AND THE IMPOSITION OF CIVIL PENALTIES. SUCH PROVISIONS SHALL BE
A. 5767 14
IDENTICAL TO THE CORRESPONDING PROVISIONS OF THE REAL ESTATE TRANSFER
TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER, SO FAR AS SUCH
PROVISIONS CAN BE MADE APPLICABLE TO THE FEE IMPOSED PURSUANT TO THIS
ARTICLE.
S 1594. RETURNS TO BE SECRET. 1. EXCEPT IN ACCORDANCE WITH PROPER
JUDICIAL ORDER OR AS OTHERWISE PROVIDED BY LAW, IT SHALL BE UNLAWFUL FOR
THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE MUNICIPALITY, INCLUDING
ANY PERSON ENGAGED OR RETAINED ON AN INDEPENDENT CONTRACT BASIS, TO
DIVULGE OR MAKE KNOWN IN ANY MANNER THE PARTICULARS SET FORTH OR
DISCLOSED IN ANY RETURN REQUIRED UNDER A LOCAL LAW ENACTED PURSUANT TO
THIS ARTICLE; PROVIDED, HOWEVER, THAT NOTHING IN THIS SECTION SHALL
PROHIBIT THE RECORDING OFFICER FROM MAKING A NOTATION ON AN INSTRUMENT
EFFECTING A CONVEYANCE INDICATING THE AMOUNT OF TAX PAID. NO RECORDED
INSTRUMENT EFFECTING A CONVEYANCE SHALL BE CONSIDERED A RETURN FOR
PURPOSES OF THIS SECTION.
2. THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE OF ANYTHING CONTAINED IN
THEM IN ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
MUNICIPALITY IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A
TAX DUE UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH
MUNICIPALITY IS A PARTY, OR A CLAIMANT, OR ON BEHALF OF ANY PARTY TO ANY
ACTION OR PROCEEDING UNDER THE PROVISIONS OF A LOCAL LAW ENACTED PURSU-
ANT TO THIS ARTICLE WHEN THE RETURNS OR FACTS SHOWN THEREBY ARE DIRECTLY
INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY OF WHICH EVENTS THE COURT
MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT IN EVIDENCE, SO MUCH OF
SUCH RETURNS OR OF THE FACTS SHOWN THEREBY, AS ARE PERTINENT TO THE
ACTION OR PROCEEDING AND NO MORE.
3. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO PROHIBIT THE DELIVERY
TO A SELLER OR BUYER OF AN INSTRUMENT EFFECTING A CONVEYANCE OR THE DULY
AUTHORIZED REPRESENTATIVE OF A SELLER OR BUYER OF A CERTIFIED COPY OF
ANY RETURN FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE INSPECTION BY THE
LEGAL REPRESENTATIVES OF SUCH MUNICIPALITY OF THE RETURN OF ANYONE
SUBJECT TO THE TAX WHO SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX
BASED THEREON.
S 3. Severability. If any provision of this act or the application
thereof shall for any reason be adjudged by any court of competent
jurisdiction to be invalid, such judgment shall not affect, impair or
invalidate this act, but shall be confined in its operation to the
provision thereof directly involved in the controversy in which such
judgment shall have been rendered.
S 4. This act shall take effect immediately.