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This entry was published on 2014-09-22
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SECTION 265
Tax a lien; exceptions
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 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.