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This entry was published on 2014-09-22
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SECTION 254
Optional tax on prior mortgages
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 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.