§ 952 Definitions
§ 953 Duties and responsibilities of mortgage investing institutions
§ 953-A Real property tax escrow accounts for non-mortgagors
§ 954 Mailing or delivery of bills to mortgage investing institutions
§ 955 Payments by mortgage investing institutions; receipts
§ 956 Additional liabilities of mortgage investing institutions
§ 957 Enforcement; penalties
§ 959 Applicability of title; separability

Terms Used In New York Laws > Real Property Tax > Article 9 > Title 3-A - Real Property Tax Escrow Accounts

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage investing institution: means any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, licensed mortgage banker or any other entity which maintains a real property tax escrow account for real property located in this state. See N.Y. Real Property Tax Law 952
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is subject to a mortgage. See N.Y. Real Property Tax Law 952
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Non-mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is not subject to a mortgage. See N.Y. Real Property Tax Law 952
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • One to six family residence: means property used primarily for residential purposes for one to six families, including property held in condominium form of ownership, and which is occupied in whole or in part by the owner. See N.Y. Real Property Tax Law 952
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property tax escrow account: means an account established by contract between a mortgagor of real property improved by a one to six family residence and the mortgage investing institution having a mortgage thereon, into which the mortgage investing institution shall deposit money collected from the mortgagor for the purpose of paying taxes. See N.Y. Real Property Tax Law 952
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • taxes: means a charge imposed upon real property by or on behalf of a county, city, town, village or school district for municipal or school district purposes, including a special ad valorem levy, special assessment or any similar charge. See N.Y. Real Property Tax Law 952