Sec. 647.3. Advances and readvances under a credit line mortgage

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Tax Law, §§ 250, 253-b
Except as provided in section 647.4 of this Part, whenever the aggregate amount advanced or readvanced under a credit line mortgage exceeds the maximum principal amount which was used to compute the taxes described in Part 642 of this Title when such credit line mortgage was recorded, further taxes must be paid upon the recording or filing of an instrument evidencing such amounts advanced or readvanced. Such further taxes are computed based upon the amount advanced or readvanced.

                    
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