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...
Topics: Mortgages New York Mortgage Tax
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 ...