.
OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Hoaor~ble fuar famrr
stat. Trudurrr
Au&la, Tuaa
t Pramyour depart-
aad the ~yastlon
of trustomat-
aad the3&r
oa the sasspro-
Tkis18tter ia-
oana rorw&me ooEm8around.
wed or Trust hare tha note
a tha amountnamed?*
t appLira to this question la Arti-
atedRwlaad Clril3tatuteSot Texa8,
"(a) imwpt 14 ~brsin otharwirr pmvlhed,
there 18 herebylorid and aaaessod a tax of ton
(lO#) oenk on moh oao Hun&o8 ($lOO.OO) Dolltarr
or rraotioa thrrror, 01ar the f lrrt Two Hnabul
(@OO.OO)Dollar&oa all notesand obllg~tioas
br obrttel
reotwsd mortgage deedof trust, m-
obaio*a lloaoontraot, tea.60Pelien,ooadIt:oml
sales oontraot nnd all lnatrumcmts of a rlmilm
star* whloh arc rllod or rroorded in tIm orrlor
Or the County Clerk under the Registration LLWS
of thla State; provided that no tax &ml]. be
levied on hiatrumnta eeourlry: an amount of Two.
Hundred ($ZOO.OO) Dollam, or leua. titer thr
rtfeotlrr date of this ,tolo t,opt an hsrsh-
after prodded, no 6Uoh iastnmcnt shall be filed
or reoordod by any County clerk in thla State
until there tiis been affixed to auah lnstruncnt
Utmpa in BOO~dLUlO8with the ~ovialon~ of this
eootloa; provlblq further that should the lnetru-
mcnt illedill the 0rrior or the courltp Clerk be
ssourlty of M obligation that his property pledged
as aeourity in a State or states otk.cr than Texas,
the tax shall be based upon the reasonable oaeh
value or all poperty p1edEcd la Texas l.n the po-
portion that raid property la Text16 bears to the
total value of tke popcrty asourln& the obllga-
tloa; ma provldine rather, that exocpt M to
rcnmals or ertensloaa & aoorurd Interest, the
provisions or this asotlon shall not apply to
lnstruraenta glrsn ln renewal or cxtenaloaa of la-
ltr unenta thersrore atanped under the prorieioaa
or this Aot or tie one amended hereby, and shall
not apply to lnatnmanta given b the refundlag
.0f axletAng bonds or obligation8 where the PI%-
oedlng lastrucioat of asourlty was atruzpd in
aooordanoe with this Act, or the one amndod
hereby; protided further that the tax levied la
thlr Aot shall apply to or&r one iaBtaw9nt, the
0x1 of the greatest danominatlon, rhrrr aeraral
in6tru~~1taue ~atbnpcuane0ualy 0xe0ma to aa-
owe ona obllgctlon; and provided rurthar-that
whan onoa ateqmd as provided herein, On lnatru-
sent wiy be rcoordrd In any number of Countlra
Ln this 3tats without again being 60 Otaqmd.
Thla leotlon shall not apply to inatrumoata,
notba, or other obll@tlons taken by or on bahalf
or the mlted stats6 or 0r the state of T~xM,
or cmp owporate agtmop m lnatrunentdlty of the
vnited Statsap or the state OS Taxas, in oarrp-
l.n- out a goopermental purpose as expressed in
any AOt or the @mgr666 or the waited stats6 nor
or tho Legislature or the State of Texaa, aor
shall thla seotloa apply to l.natrumcat8,notea or
other obllgatlona taken by or on behalf or National
~at&Aq Assoolatlopa organlied under the laws of
Honorable fraso Jams, Pago S
tha unltrd 3tate6, acr hatruacata, not86 ar
othur oblfgatloaa taken by or on bchd.2 af Stat8
Bw corporations of the Stats of Toxaa ora-
atod ucdar Tltlo 16 0: tho novised Civil 3tatutea
or Taxna, nor shall the provlalonz of al6 aao-.
tion apply to obll&atlons or inatrunmta aeour6d
by llu~ on oropa andrUmOr 6grlcultumlpro-
duota,or fo livestook or farm iraplemnte, or on
abetract 0r judgment.
*It the amunt saaured by ac lnztrmant la
cot sxproasad thorsin, or if 6ny pert d the so-
ourity daaorlbed in ecy zuoh hztnmsnt appocra
to be looatad wlthout the State ot Texas tha
cimnty clerk zhcll roqA.ro proof by nAtton atil-
dnvlta of suoh ractz 88 imy bo neooszary to do-
terzilna the tx!acult 0r tkio tax due.
I papent of the tcu as haraby lavlod
shall be rtidenoed by aiiiring tha stamps herein
providedfor, to all lnatrumontz lmludadrlthln
the pmvl6lonz oi tha Aott and it zhzll ba t&e
duty of the stats Treaatlrer at aiU tin08 to keep
a supply of auoh atzxpz on hand ror zaln to
peraoa upoa deaaad and pzymant therefor, aad 3,
state Treasurershall at the request ti my county
clerkor the State of Texasoonzlgn said stamps
to the dlfferoat Ocunty Clark6. . . **
This la a tax on the privllagaor having a 11811
reoorded uttdar lstxatlon 16~ of the stats, and it
aolpal mount of the obligation se-
6a6 vb Yry6r, 163 3. fi. (&qaS4.
!&authe rirst deadof trustVITLB raocrdodla this
ma8 thecmountai the taxwaz oaloalatadonthe pcinolpal
amount or t&a debt aeoumd, without rsgzrd to lntsraat that
naa to aoorua, that la, it w6r3oaloulatrd on tia.ammat of
the debt 68 it exiBt6d at that t&ie. Tha aaoond&ad at
trust ua6 to 8801.~6 a new lndabtsdnasa. Although it ua~~
an lnCabtrdnea6 that raprez&tzthe interest that aooruad
on the rlretnote seoio‘ad by tha first daad of trust, It
had not aooruad and tharetora did not exist whoa tha first
deed of trust naa reoorded.
us have heretortim stated in Attorney oen6&1*6
opinion No. 0-3lE6, datsd February l8, 1941, that In a on60 -
in whloh 6 llaa faatrumant 68oudag a noto h66 basn proper4
Honorable JO880 Jauw, Page 4
#tampod and that note 1~ raaemud 8ad a new lion lnatrumnt
in roomdad that the amunt of the non no*a that “ro ,rosents
other money advanoad or lntcr88taOOrUttdon the orlg 1 r&
lnaebttu¶nezar should be The mount on *iah the atop tax
.on the zeoond lien lndtruntit should bo oeloulated.
our anawar~ to your waztlon is that the zeoond
dead of truzt you azk about iz aubJoot to the note stamp tax,
BY (81 caollc. Rotsoh
ASSIBteult
A??!?JVEDDE&m, 1941 APPROVED
Oplnlon Comlttee
(3) c3rover
mhra BY 8. We IL Chairma
first AaalaSat Attorney ouneral
.
ccR:np