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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 6-B
Fund For Insuring Deposits In Savings Banks And/or Otherwise Protecting Depositors
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SECTION 285
Powers which may be granted to trustee
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ARTICLE 6-B
Fund For Insuring Deposits In Savings Banks And/or Otherwise Protecting Depositors
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SECTION 287
Member savings banks
This entry was published on 2014-09-22
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SECTION 286
Taxation and exemption of property held in fund; exemption of mortgages from mortgage recording tax
Banking (BNK) CHAPTER 2, ARTICLE 6-B
§ 286. Taxation and exemption of property held in fund; exemption of
mortgages from mortgage recording tax. The fund and the income thereof
shall be exempt from all taxation now or hereafter imposed by the state
of New York or by any county, municipality or local authority or
subdivision, except that any real property constituting an asset of the
fund shall be subject to city, county, municipal or local taxation to
the same extent according to its value as other similar real property is
taxed. Mortgages executed by the fund and/or its trustee shall be exempt
from the mortgage recording taxes imposed by article eleven of the tax
law.