§ 264. Tax on prior advance mortgages. Whenever any part of the\namount of the principal indebtedness which is or under any contingency\nmay be secured by a mortgage recorded prior to July first, nineteen\nhundred and six, is advanced after July first, nineteen hundred and six,\nthe tax prescribed by section two hundred and fifty-three of this\narticle is hereby imposed on the amount of principal indebtedness so\nadvanced, which tax shall be payable at the same time and in the same\nmanner as taxes imposed by section two hundred and fifty-nine of this\narticle, and all the provisions of section two hundred and fifty-nine in\nrelation to the time and manner of paying such tax, the filing of\nstatements in relation to the time and amount of such advances, and\npenalties for failure to file the same shall apply to advances made\nunder this section and the payment of a tax thereon, except that if the\nmortgagor is not a corporation, such statements shall be filed by the\nowner of the mortgage, who, for failure to do so, shall be subject to\nthe penalties prescribed by such section. In case said mortgage was\ngiven to secure the payment of a series of bonds, the mortgagor may, at\nthe time of paying such tax, present to the recording officer, the bonds\nrepresenting the portion of the principal indebtedness secured by said\nmortgage upon which the tax is to be paid, and also file with said\nrecording officer a statement verified by the mortgagor or an officer or\nduly authorized agent or attorney of the mortgagor specifying that said\nbonds, so presented, are the bonds representing that portion of the\nprincipal indebtedness secured by said mortgage upon which the tax is to\nbe paid and that said bonds are secured by a mortgage recorded in said\noffice stating the date of said mortgage and the liber and page of the\nrecord of the same. It shall be the duty of such recording officer to\nindorse upon each of said bonds, so presented to him, a statement signed\nby him to the effect that the tax imposed by this article on that\nportion of the principal indebtedness secured by said mortgage\nrepresented by said bonds has been paid, and said statement shall be\nconclusive proof of such payment. Notwithstanding the exception\ncontained in section two hundred and fifty-four, the record owner of any\nmortgage recorded prior to July first, nineteen hundred and six, other\nthan a corporate trust mortgage, may file in the office of the recording\nofficer where such mortgage is first recorded a statement in form and\nsubstance as required by section two hundred and fifty-four of this\narticle, except that it shall specify and state the amount of all\nadvancements made thereon prior to said date, giving the date and amount\nof each advancement and the amount of such prior advancements remaining\nunpaid, and thereby elect that the same be taxed under this article; and\nany mortgagor or mortgagee under a corporate trust mortgage given to\nsecure a series of bonds or the owner of any such bond or bonds secured\nthereby may file in the office of the recording officer where such\nmortgage is first recorded a statement in form and substance as required\nby section two hundred and fifty-four of this article, except that it\nshall specify the serial number, the date and amount of each bond and\notherwise sufficiently describe the same to identify it as being secured\nby such mortgage, and thereby elect that such bond or bonds be taxed\nunder this article, and such bond or bonds shall be taxed upon the whole\namount thereof notwithstanding the provisions of section two hundred and\nsixty of this article. A tax shall thereupon, in the case of mortgages\nother than corporate trust mortgages, be computed, levied and collected\nupon the amount of the principal debt or obligation represented by said\nunpaid prior advancements at the time of filing such statement, or, in\nthe case of a corporate trust mortgage, upon the amount of the bond or\nbonds speci
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