'.\~
OFFICE OF THE ATTORNEY GENERAL OF TEXAS
\ AUSTIN
Bonorabla R. V. Ragdoml
County AslBiwr
Rondwson, hxar
Deer Sir:
In your letter 0
fea *
litua tto nr
ur n
fa llo ws
an egnr%ieunt with the b&k xuf&Dixig
to hia onem with tibk ti swiy eaid
lbkmrr end in addition (rkarsto ha6 edranor4
: end that t&m@ ii! BQW &cl to #afd )dslnk the
au111
of $25,000.00. In this agrrrdnrat the 6~6 data of saiQ
$25,,oos.Q0 icrfixed to tell dU% in inrtallm*nt* aad am ded
of trust is ooatluued in force rad eiteot to mawara the peyaient
of meiflMilt of rasaep.
you regurat our opinion on to wkathar We tex lsrlrd
bp Artials 7Oi.%, Vurnan*a &mctatad CiYlL btatutasia dua On
the abora laet~bntm, tknt la. tke drad ai trust taken by the
Jooksonvillr Building and Loan 4~wxAAtlaa and tkd l~tan~lon
Honorable R. V. Reyford, Page 2
agreement between Mr. Skeen end the Overton Rank. Section (e),
Article 7047a, Vernon*m Annotated Civil Statutes, reads 88
followa :
wExcept es herein otherwise provided there
Is hereby levied end esseeaed e tax vi ten (1Oe)
Cants on eaoh One Hundred ($lOO.OO)Dollars or
rreotlon thereof, over tka flrat Two liundrad
($200.00) Rollars, on all notes and obligation6
aeoured by chattel mortgage, deed of truet, meak-
anlo*s lien oontreat, vendor’s lien, oondltlonal
salea oontract end all inrtrumente of ESalrnilnr
nature wkiok are filed or recorded in the offlae
of Ike County Clerk undsr the Reglstraticn Law8
of t?.is State ; provided that nc tax shell b a levied on
in.n;aynta securing an amount of Two Hundred ($200.00)
, or less. krtar tka efreotive date or tkis
Act, exoept aa hereinafter provided, no such lnatru-
ment shall be filed or recorded by any County Clerk
in this State until there kaa been efrixed to suoh
I. stnuaent rtempa In aocordence with the provisiona
of tkis reotion; providing further that skoul% tke
lnstrumont fl1.d In tha oifloe of the County Clerk
be security of an obligation that hes Croparty
pleaed ea 8eouritf in e State or Stqtee other
then Texas, the tex shall be based upon the mtasan-
able oash value of ell property pledged In Texas
in the proportlon that said property in Texas
beara to the total value of tkr property secur-
the obllRatlon; end providing further that, exerpt
aa to renwualr or extsnslonm of accrued lntsrest,
the provlslo~ OS thie eeotlon shell not epply to
instrumanta given in renewal or extensions of ln-
struments theretofora rtemped under the provlsion#
of tkie A.ct or the one mended herob*, and *hell
not ap-jig to instruments given in the rerunding
of exiatlng bonds or obligations wkere the Fre-
ceding 1nstNment 0r ssollrltyw8a etemprd in aa-
aordenoe with thla Aot or the one emended hereby.
provided further that the tax levied 1:. ttiie Act
shall epp;ly to only one infdtrumerit, tke one of tke
grsatest denomination, where lreveral lnatru3lente are
oontemporeneoualy axeoutud to sacure one obligation;
and provided further that when once stamped aa pro-
vided herein, en instrument may ba racorded in any
number of counties In this Stata without again ba-
ing ~10etanpad. This section ak;all not apply to
lnatrumsnte, notes, or other obligations taken by
or on behalf of the United States or ol’ the State
Honorable R. V. Rsgrord, Pega 3
of Taxsa, or any oorporsta aganoy or inetrumantal-
lty of tha Unltad Stata8, or Of tha Stata of Tama
in aurrylng out a gorsrumantal purpoea as azprssaad
in any Aot of tha cougrars of tha Unlt6d Statas or
of tha ~glslstnre of tha Stste of Taxas* nor rhsll
tha provisions of this seation apply to obligations or
Instruments esourad by liens on crops and fann or
agrlaultural produots, or to llvastook or form lm-
plaznants, or an abstract of judgmmt.
WI? the amotit eecured by en instrument Is not
expressad tharair, or I? any part of the security
dasoribed In any suah instrument appears tG be lomtad
without the State of Text, tha County Clerk shall
mquira pr00r bg writan 4rrid4vit4 of such feats 44
nag ba neoaaeary to detsrmlue the amount of the tax
dua. m
The zaohadfG*s lien huld by the BulldIng en4 T.aun As-
soolatlon avidanaed the seam lndrbtadnam 4s tar. Brcwn held
prior tc the assignment. 'Rams when tha Mabtadnass bald by
the Building and Loan Association ma renawad and extendad by
the dead of trust, it was sn axtanslon of the orl@ual IAabt-
adnaee, the Instrument scour nhloh bed bean stanpad. Under
the axprssa provlsio~ of the3 ot, the dead of trust &van by
Mr. Boa for the benefit of t&a Building and ioan Aasocfatlou
may be recorded without payment of the etatap tux.
I? we ma wrong In our assumption that tha indabtad-
nasa wan axtanded upon tha aaaoutlon of the daad of truet and
if tha lstter lnstrumeot wss, sim ly givan upon tha sama property
to aaaura the suma nGto without Jpts balrrg axtacdad or renawad,
tha 8mae rasclt IS rsaohed if *hasa transaotlous wara, to all
pmotloal ~purroeaa, contamponmous on*s.
For tha same ressons wa reaoh tha aama raslalt se to
tha dead of truet executed by V. R. Skaen am to that pert of tha
original Indebtedness wtioh had not bean paid. Rowaver, insofar
as tha rams1 note of $25,000 reprassntad fraah monop, or aa
oruad lntarast, it must be stasnprd. For 1 stanca, I? tha #25,000
note represents a rermwsl of the old lndabtadnass, to the extant
of )20,000 and I? tha ramalnlw $5,600.00 repreeects other nonby
edvancad or Interest aocrtied on the orlglnel indabtadnass, then
tharr ehculd be ettsohed to It the mm amount of stalilps (de would
go on a dead of trust 89ourlsq, the 4uzn Of $5.000.00
Yours very truly
BY
Glann R. Law14
A4414t4nt