Newly Signed Legislation
During the past legislative year, the legislature has addressed three different issues of particular interest to our readers. Two new measures were recently signed into law and the third is on the November ballot.
Tax on Unrecorded Mortgages: L. 2013 c. 435 was signed by the Governor on Oct. 23, 2013. It amends Tax Law §258-a to provide that the filing or recording of a notice of payment is ineffective to give notice or create a duty of inquiry. The full text of the law can be seen here. For additional background on this issue, please read our earlier Constructive Notice mailing archived here. (Kudos to the Law Committee and the Legislative Committee of the New York State Land Title Association, who initiated and advanced this important legislation).
Status of Long Island Town Trustees: L. 2013 c. 387 was signed by the Governor on Oct. 21, 2013. It designates the Trustees of the Freeholders and Commonalty of the towns of Southampton, East Hampton and Southold “municipal corporations” for the purposes of General Municipal Law §72-h. The full text of the law can be seen here. For additional background on this issue, please read our earlier Constructive Notice mailing archived here.
Adirondack Park Title Dispute: A legislatively-referred constitutional amendment aimed at settling the long-running title disputes in “Township 40” will appear on this year’s state-wide ballot as Proposition 4. In addition to the mandated Second Passage of the proposed amendment, the Legislature also passed an implementing statute. The full text of the amendment can be seen here and the full text of the implementing statute can be seen here. For additional background on this issue, please read Mr. Pomerantz’s column in the October, 2013, issue of the Suffolk Lawyer (the column appears on page 14).
Full disclosure: Mr. Pomerantz is a member of the New York State Land Title Association and is serving on its Law Committee for the 2013-2014 term.