Religious Corporations Not Authorized to Mortgage
By
Mike Berey on June 12, 2019
A church in East Harlem filed a petition seeking court approval for a mortgage on its house of worship, which was its sole asset, under Not-for-Profit Corporation Law Sections 510 (“Disposition of all or substantially all assets”) and 511 (“Petition for ...
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Topics: Mortgages New York Mortgage Tax
Industrial Development Agency Mortgages Newly Subject to Part of New York State’s Mortgage Recording Tax
By
Mike Berey on November 9, 2016
Mortgages executed by Industrial Development Agencies have been exempt from the payment of any portion of the mortgage recording tax, provided that the Agency covenants in the mortgage that it will record the mortgage. (See New York State Department of ...
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