Honorable Charley Lookhart
Stats Treasurer
Aua tin, Tars u
Ucer Xr. Lockhflrt I Attenthr.: Xr. ii,. I.:Ol’X’lG ateVen
Gplnion t;o. G-2l.80
Ilet; DOeU 8 lil!ititHltll bank iA
liquidation have the SULN?
leGa statue a6 e llvvl
f!ational bmk 80 OD to ex-
empt tho doede of trust
thereof fro,% tho tex yrs-
vidsd by iirtlcle 7047e tla
ti:smded b2 2, ;E. 21+, 46th
Lo~,:islsture?
#!e bee, to aoknowledga raouipt of yxr letter
of April 4, 194.0, rubmitt&& for c ieghl opinion the
r0ii0iag oe8et
“ThC Liquid,atin@ Qent for tha
State Rstiane;l Sxkiakof ;an Anton&o,
Tsxrre, whioh is in voluntary llquido-
tion, wfshee to file for reoord 8.
dew3 of trust exeoutsd by the PC& II.
IXallwag Cumpsi~ggiven in renewal and
rxtenslon of n note for $215,GGO.O0
payable to the State Katisnal B8nk.
The .origl.nal dead of trust was first
iLlad for moord In 1923; the lset
r,enawal artenalon was filed in 1933.
Would a Nationel Bank in liquidation
hnvq the same legal otatua am a live
~qtlonal. bank 80 an to exempt the
*farerasntlonsd instrument fr~mthe
tax provided by Art1016 7047-e‘ il.A.
0, a,, aa e&ended by Senate i3111 ntm-
bar 24, 46th Le~gisl.srtu.re.~
honorable Gharlay Lockhart-yphcc 2
Netl~~al banking: aasoolatixis, 88 lnatruw-i-
t,aalitl.e# of the Zederal ~overnmunt, nre exomptad frza
the etamp tax lmyoaed by L, N, 24, 46th icgiolctur~,
regulnr sseelon (Artiole 7U+5e Vernoa*a AnnotateA ...ivil
c;tatuter). This exmption is as broad as the nuce:dty
for reglatratlon of mmrttgne,eor l&n is broad, and cx-
ista in all aat-.,a where the dosooiatlon finds it neoes-
mry, or thlnU it proper to raelater or rcoord the ih-
strumeat.
The faot, therefore, thet the aseooiatlan la
Ln tho proosas of 1lquldatl:~n aan mnke no dlffcrence.
The feat that an assoolation la insolvent, or even actual-
ly in the process of llquidatlon, does not dissolve the
oorporate sxletande. It la et111 sn lnoorporatad aaao-
olatlon. (~3ee Hoes ;uo,iy,oeOil Co. vs. ;;tate of Texas;
deofdsd by the i;otirt of Civil Appeala Sor the ‘i’hlrd Ule-
trlot, end not SE yet reported).
Your5 very truly
0010 tipear
AseletaAt