January 24, 1939 

Honorable Charley Lockhart 

State Treasurer 

Austin, Texas 

Dear Mr. Lockhart: 

Opinion No. 189 

Be: Stamp Tax on D/T presented 

for filing a8 muniment of title 

after foreclosure. 

You advise that long prior to the effective 

date of Article 7047e, Revised Civil Statutes, a deed 

in whtch the vendor's lien was reserved to Becure part 

of the purchase price was recorded In IIiaalg0 County. 

A deed or trust on the 8eme land given a8 cumulative 

security at the same time was not placed of record. 

After Article 704% became effective the deed of trust 

was foreclosed by trusteels sale under the power contained 

in the deed 0r trust. The purchaser has tendered the 

deed of trust for record, but the Oolidty Clerk refuSeS 

to receive and record the same until the~etamp tax has 

been paid thereon. You ask our opinion w5ether the 

county Clerk 1s justified in hi8 refusal. 

Article 70479, (a), aforesaid, reads as 

r0n0wi3 : 

*Exaent as herein otherwise DXWided, there 

i; hereby levied end, assessed a t&& or ten cents 

( O#) on each One Hundred Dollars ($100) or 

fraction thereof, over the first Two Hundred 

Dollars ()2OO), on all notee and obligation.8 

secured by chattel mortgage. deed of trust, 

hachahid.B-lien~:oohtraot. vendor's lien. conaitional sales contract and all instruments of a 

similar nature wnich are filed or recorded in 

the office of the County Clerk under the RegiStration Laws of this State; providing that no 

tax shall be levied on inetruments for an 

amount of Two Hundred Dollare ($200) or leas, 

After the effective date of this Act, exoept 

as hereinafter DrOVidea. no instrument creating 

a lien of any character-to secure the payment 

of money, or reserving title to any property 
, 

,- 

r‘ 

Hon. Charley Lockhart, Janury 24, 1939, Page 2 

until the purchase price thereof shall have been 

paid, shall be file& or recorded by any County Clerk 

in this State until there haq been affixed to such 

instrument stamps in accordance with the provisions 

of this Section; and providing further that the provisions of this Section shall not apply to renewals 

or extensions of any notes or obligations, end 

specifically shall nbt apply to refunding of existing 

bonds or obligations. And providing further this 

Section shall not apply to notes end obligations 

or instruments securing same taken by or on behalf 

of the United States or any corporate agency or 

instrumentality of the United States Government 

in carrying out a governmental purpose as expressed in any Act of the Congress of the United 

States". 

The Act makes no attempt to place a 

tax-on unsecured notes or obligations. 

The power or sale provided in the deed 

'of trust having been exercised and the land sold, the note 

s&urea by the same has been discharged in whole or in part. 

If it has been paid in full, no note or obligation remains 

to be taxed. If any balance remains due on the note, smh 

balance is not secured ana is therefore not subject to the 

tax. 

If the trustee's deed pas been placed 

of record showing a valid sale under the power contained in 

the deed of trust, then it is our opinion that such deed 

is entitled to be recorded without being sttiped under 

the above statute. 

Yours very truly 

BY 

Glenn R. Lewis 

Assistant 

GRL:N 

APPROVED: 

ATTORNEY GENERAL OF TEXAS