# IHon. 2. Il. Coono,Uroh

whloh 6ro fllod or County Clerk ardor _-_ . moordad in ths offloe of the

the RsglatratlonL6wa of thla State; b protiamg that no tax shall be levIedon inatrumeat8 for an aaouat 0r Two Hundred D0116ra (#WC) or la88. Aftor the l

ffeotlre data of thlrAot, rxoept ea hereinl rtor prorlded, DO lnatrument

### oroatlng a lien 0r any ohareotm to aeouro the pa title to say property

### untl I= at of money, 

### or mrenlng ahrllhave born 

### the purohaaeprior thermor 

### CountyClark in Paid, ahall be 

### tlld 

### or rroordoa 

### by l 

### y hi8 Btatr until thermher beon affixed 

### to 8uoh instrument rtampr 

### in 8caordanoo rlth theprovlrlona of thl6 SOotion 

### .thr. P 6 ena providingfurther that rorlalonaof thla l 

### otlon ,rhall

not apply to reaawa a or l

xtenrlona 0r

any note6 or Obllgatlona,an4 

### l peoifli!ally

ahell not apply to rafundlngof exlating bon48 or obllgatlona. , . .a 9, 1939, Pagr g

The-m oen **be** no doutt but that thr holdrr of the instrument was cntltlad **to** 

### herethe **ame reoordeb**  **a6 a**  **bwd oi**  **tru6t in**  the dead of trust 

### maorda, wlthout'harlagthe aame filed aa a ohettel mortgage and noted in the ohattelEortgage rooorda. Uo waa not rrqulrodto undergo that expense unle88 he 60 dealr8d. It wea 

### hlr right to withdraw the lnstrumnt 

### after it had been oopled 

### intothe ad 0r 

### truatrsoordr'. If he elOotO4 to availhlnunrrlf 

### of there rlghta, the olerkwar guilty of no 4rlln~uOnoy

### lo not entering the 6600 In the ohattelPlortgagO reoordr an4 ln 4elltOrlngthe inatrusent baok to him. So far a8 being a chattel

### mort@q$ela oonoorned, tbe instrumentla preae.hd to the county olerk for the flrat time.

The lrot plainly protlaea that artor 

### it8 l ffeotlre date “00 lnatrumedtoreatlng l lien

. . . ahall bo filed or **reoordod**



### , . i untilthOre ha8 bson affixed to auoh lnatnmOat atampa.* Fhe ram ha8.1108terapa afflxed to it. Ho OXOeptlOnla xi640for :Ii; 

### ben8fltof ln6tlWEsOnt8 

### whlbh hbb been executeaDrlor 

### to the

. No languagethsreln oontalned lndloateaany lnteatlon to rxemptlartrumentatheretofor l xeouted from it8 opemtlon. Thla Departmentha8 6lwey8 taken the pO8itiOn that the Lax levied by the atote article,iU an l xolaa tax or a tax upon the 

### ;;ld;;8 0r rroordlng. In 4 Coolry on Tlxatlon,4th Ed. 5379, it

'Stamp taxer are a form of 8x0188 tax. They are generallylmpoaed by tbs federal goranment elthough they 8iaybe 

### imposedby a state.* .

.00. :. 1:. Cocno, Carob 9, 1939, Pace 3

I i k kven the Suprt%a Court 07 the united Ltnte8 in the case :‘homas 16. Lnltsl itatee, 192 V. !:. 363, 24 S. Ct. 306, 40 L. :d. 481, 8tid tt&t -8tamp tamI8 ord!narlly* are excise taxes.

It 18 noted tt.et ttaa tax appli-8 only to those in6truuar.t.8 9blch are filed or recorded and doe6 not apply to any instrument ~lasa the 8rucc :a 80 tllsd or recorded. %iS cfm EWUI only tb6t tbe tax 

### lo oue wblch Jo levied upon the prlrilrge of recordln& tke ~nstrurrent rather than upon the lnstrumont itself or the noto ublcb la secured by ouch instruxont.

In the lnotsnt CBPU, it 18 oought to xake use of the mcords. This being a tax UPC::the privilege of U8lhG such records, It 1s wholly lmuaterlal whether the lnstnusont existed prior to the effective bate of the 4t or not. In our oplnlon the county rlerk should roc;ulre tbe ln~.trumnt to be stamped before he aocepte the rase for filing. \ Your8 very truly

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