(1) Such indebtedness was incurred in good faith to secure a portion of the purchase price of such motor vehicle or vehicular unit, and
(2) Such indebtedness is secured by a chattel mortgage or conditional sales agreement duly filed as required by law, and
(3) Such chattel mortgage or conditional sales agreement was not given, directly or indirectly, to any officer or stockholder of the corporation owning or having the lawful use or control of such motor vehicle or vehicular unit, whether as a purchase money mortgage or otherwise. The lien of such tax shall be enforceable, however, as to any equity after the encumbrance of such chattel mortgage or conditional sales agreement. In the event a motor vehicle or vehicular unit subject to such tax lien is repossessed by a chattel mortgagee or a conditional vendor such motor vehicle or vehicular unit shall not be sold at public or private sale unless at least five days notice of the time and place of such sale is served by registered mail upon the tax commission in Albany.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
