§ 403. Memorial to be carried forward. (a) Unless written application is made by a mortgagee, who acquires fee title to the premises, not to merge said mortgage with the fee title, the registrar shall delete the mortgage from the memorial on the certificate of title.

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Terms Used In N.Y. Real Property Law 403

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.

(b) Whenever a memorial or notation has been entered as permitted by this article, the registrar shall carry the same forward upon all certificates of title until the same is cancelled in some manner authorized by this article.

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