January 24, 1939

HonorableCharley Lockhart State Treasurer Austin, Texas Dear Mr. Lockhart: OpinionNo. 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, RevisedCivil Statutes,a deed in whtch the vendor's lien was reserved to Becure part of the purchaseprice was recorded In IIiaalg0 County. A deed 

### or trust on the 8eme land given a8 cumulative securityat 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~etamptax has been paid thereon. You ask our opinionw5ether the county Clerk 1s justifiedin hi8 refusal.

Article 70479, (a), aforesaid,reads as 

### r0n0wi3 : *Exaent as herein otherwiseDXWided, there or ten cents i; hereby levied end, assesseda t&& ( O#) 

### on each One Hundred Dollars ($100)or fraction thereof, over the first Two Hundred Dollars ()2OO),on all notee and obligation.8 securedby chattelmortgage. deed of trust, hachahid.B-lien~:oohtraot. vendor's lien. 

### conaitional sales contractand all instrumentsof a similarnaturewnich 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 inetrumentsfor an amount 

### of Two HundredDollare ($200)or leas, After the effectivedate of this Act, exoept as hereinafter



### DrOVidea. no instrumentcreating 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 purchaseprice thereof shall have been paid, shall be file& or recordedby any County Clerk in this State until there haq been affixedto such instrumentstamps in accordance with the provisions of this Section; and providingfurther that the provisions of this Section shall not apply to renewals or extensions

of any notes or obligations,end specificallyshall nbt apply to refundingof existing bonds or obligations. And providing further this Section shall not apply to notes end obligations or instrumentssecuringsame taken by or on behalf of the United States or any corporateagency or instrumentality

of the United States Government in carrying out a governmental purposeas expressed in any Act of the Congressof the United States". The Act makes no attempt to place a tax-on unsecurednotes or obligations. The power or sale provided in the deed 'of trust having been exercisedand 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 obligationremains to be taxed. If any balance remains due on the note, smh balance is not secured ana is thereforenot subjectto the tax. If the trustee'sdeed 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 recordedwithout being sttiped under the above statute. Yours very truly

BY Glenn R. Lewis

Assistant GRL:N APPROVED:

ATTORNEY GENERAL OF TEXAS