Sec. 647.1. Credit line mortgage

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Tax Law, § 253-b
When a credit line mortgage, as defined in section 641.10 of this Title, is recorded, the taxes described in Part 642 of this Title which are imposed or authorized to be imposed pursuant to article 11 of the Tax Law, shall be based upon the maximum principal amount which is, or under any contingency may be, secured by such mortgage at the date of execution or any time thereafter.

                    
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