CRE Insider Blog
Welcome to the Commercial Real Estate Insider, insights from First American's real estate experts.

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 court approval”) and Religious Corporations Law (“RCL”) Section 12 (“Sale, mortgage and...

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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 Taxation and Finance Advisory Opinion TSB-A-82(1)M, posted at ...

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Topics: Industrial Development New York Mortgage Tax

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