OFFICE OF THE ATTORNEY GENERAL OF TEXAS 

AUSTIN 

QROVLR SELLLRS 

A.l-rom4~ QaN*“*L 

lo no mhl e Je l me 

lIta t0 Tr e8mr er 

Auatln, TeX88 

De8r Yr. Jamem! 

J8re a 

Opinion lo* o-7410 

mbicb re8dm 8s fOllOTs: 

C 

0 Of 70x88 BO8rd 

Cnrtodlsn the 

of the U. 8. Trust 

Id cOmp8ny formerly 

Ltd., 7800, TexPm: 

$ 72,OOO.OO 

5,778.OO 

a,a&l.oo 

Mt Of $476-00 e8eh 11,876.00 

so.aao .oo 

Shoem8ke gO81 gmt8te LO8n 

e A Tlte Real S8t8te Lo8n 

10;000.00 

5,400 .oo 

$139,3ti0.00 

k&r-the desire of tbl8 comp8ny to withdr8w tbe 8brtr8ct8 pert8lnlng to tbe 8bOVe llrted aeourltlem, 8nd we en0108e herewith copr o? out letter of 8utborltj from the St8te 

Bo8rd at ~n8Ur8nOe~(bIE8Il8mloner8 wbereln the Bo8rd 8UthOrlXes 

thla relwme. .' 

% conneotlon rlth 701~ Opinion lo. 0-4836, we klndI7 8@ 7011 t$ ple8ae 8dTise thlr Department If this rele8.e In 

perml881b1e. 
ROaOr8bl8 Jesse J8mes - page 2 

Wo b810 rx8mined OUr Opiaion Ho. O-4636, rbloh Se 

gito you on April 24, 1942. In 7Our oplSlOn rOqU8.t in 1942 

70~1 8SkOd Shethrr it 888 neoeee8r7 for 70~ to h8re l 888igmmt of the 1188 SoSwIng the not88 depo81t8d with the Bo8rd 

of Inur8noe Oomml8elon8re e to be held by the 2t8te TrS88urerr 

Und8r the pr~tlo.lone ot Art1018 4282 Of th8 2OVl8Sd Civil Dt8tPtee, 8nd whether theme 8ee~gammte mhould be m8de to the 2t8tS 

%e8eUrer or to the Borrd Of Inmr8nOe C~maleelonore~ 8nd rhethor the7 abould bo pl8oed on moord in the eomt7 SherS tbe property is loO8ted. 

In rep17 to th8t inquiry SS uSSd the ?OlloWing lmII-W 

Sin 8ddltion to brtlng the note8 tr8n8ferred 

to 7011, before the notes 8re 8oaepted an 8bStr8Ot 

l hotzld be furnlrhed ahowing th8t tb8 notes 8re 8 

first lien ou the land. YOU should thm bold the 

8b8tr80tt together Slth the tr8notrr of the notes 

in your posSeSdOn, 8ftar b8vi.ng first Tllmd the 

tr8nSf8r for reoord ln the oount7 Sbere the 18nd 

is 1008tSd. The expenrs lnoldent to recording 

the tmnefer ot the notes Should be borne by the 

depo ~1 tar. Before 70~ 8re 8UthOri8Od to 800ept 

8n7 SeourltlSe for deposit tbe l 8me mmt be 8pproved b7 the Do8rd of IneumnOe Comaieelonere. 

It IS the dut7 oi 88ld BO8rd to rppnlee tbS SeowltieS 8nd p8SS upon the queStIOn 88 to ShethSr 

the r.81 SSktS 8SSUPhg thS 8OtSS 18 Worth 8t 

lS8St double tbe 8BOUSt Of the Bote8- It 18 8180 

the dut7 ot uld BO8rd to h8ve the title oxmined 

8nd determine thrt the notes 8re 8 firrt llsa On 

tbe ISad. All o? thl8 upen~e Is to be borne by 

the depositor-’ 

If th8 Seaurlt7 h8d to be sold In order to oolleet 

the notes tb8t 8re on deposit , It Sould be helpful If the dep8rtaient h8d 8a 8b8tr80ts but lt IS not irper8tlt8, 8nd thS 

purob8eer oould buy tbe l8nd Slthout being ?SmlShed 821 8b8tr8Ot. The quertit3n of b8Ving the 8b8tr8ot left with tbe 

note Is 8 attrr lodged 18rge17 in the di8oretiOn of the 

Bo8rd o? Insumnae %muiedonerer tion duty and reeponeiblllt7 It IS to determine whether tbs l rOurit7 oifered 18 

8ut?lelent. In p888lng upon this qUOeti~~ tbo v81UO Of 

the Searrrlf7 SlthOut 8n 8betr8Ot, 8nd the +8lue of the 88- 

ourlt7 wltb 8n 8betr8ot 8bOuld bS t8k8n lnt0 OOneldSr8tlSn 

b7 ~8ld Do8rd* 
lonor8ble Jesse J8mee - Page 8 

It 18 OUF Opinion th8t bo?Ore 7OU reO#iva 8ny notes 

to bo held 88 nourit7, 7oa should b8re S tr8neier of s8ld 

uSte8# 88 l t8ted in OUr Opinion Roe 0-4836, tr8nderring 88Ee 

to the at8te Trnmaror of TeI8r, 8nd b8te 88me dul7 reoorded 

la the oount7 where the 18nd Is l.oeated. 18 rddltlan thereto 

the Bo8rd of Inmr8noo cOmmi8eionere 8hould rOqUirS 8n opiniOa Of 8n 8ttWIle7 8t 18W , OSPti?fin& t0 tbe ?8Ot th8t in hi8 

oplnloa tbe tltle 18 ole~r urd free Of 811 llen8, 8xo8pt the 

one rbloh 1s beinK tr8neierred to the st8tO O? TeX88. 

If, In the opinion of the 808rd Of Inmrmoe Coml leelonere, the l eourlt7 18 suftlClent ~lthout ret8inlnR the 

rbstr8Ot8, then it ~111 net be nt6eeMry for the 8bStr8Ot to 

be left wltb the Oo8rd o? Inmr8nOO COmm1es1Oaere or flied ia 

four dep8rtment. 

In your lettrr ml8tlre to the lomm IU question, 

70~ hrre turalmbed us 8 oOp7 of the letter ?rOm ~onor8ble 

George B. Butler, Chairman of the Bo8rd o? Insur8Uoe Commissioners, th8t it rlll be s8tlsf8OtOF7 for 7OU to rele8ee 

the rbstract.8 Involved In this inquiry. Shae the Board of 

Insursnce Comml~slonarr thlnke tbs seourlt7 la autflolent 

rlthout the abstracts, 7ou are authorized to release same. 

Insofar as this opinion IS In conflict with our 

Opinion Rn. O-4%35, same is overruled. 

Very trial7 7ourr 

AlTQRF?ET GStiERAL OF TEXAS 

B7 a&----+ 

Gee. ‘1. R8reue 

ASSISTAT‘