'.\~ OFFICE OF THE ATTORNEY GENERAL OF TEXAS 

\ AUSTIN 

Bonorabla R. V. Ragdoml 

County AslBiwr 

Rondwson, hxar 

Deer Sir: 

In your letter 0 

fea * l itua tto nur r n fa llo ws 

an egnr%ieunt with the b&k xuf&Dixig 

to hia onem with tibk ti swiy eaid 

lbkmrr end in addition (rkarsto ha6 edranor4 

: end that t&m@ ii! BQW &cl to #afd )dslnk the 

au111 of $25,000.00. In this agrrrdnrat the 6~6 data of saiQ 

$25,,oos.Q0 icr fixed to tell dU% in inrtallm*nt* aad am ded 

of trust is ooatluued in force rad eiteot to mawara the peyaient 

of meifl Milt of rasaep. 

you regurat our opinion on to wkathar We tex lsrlrd 

bp Artials 7Oi.%, Vurnan*a &mctatad CiYlL btatutas ia dua On 

the abora laet~bntm, tknt la. tke drad ai trust taken by the 

Jooksonvillr Building and Loan 4~wxAAtlaa and tkd l ~tan~lon 
Honorable R. V. Reyford, Page 2 

agreement between Mr. Skeen end the Overton Rank. Section (e), 

Article 7047a, Vernon*m Annotated Civil Statutes, reads 88 

followa : 

wExcept es herein otherwise provided there 

Is hereby levied end esseeaed e tax vi ten (1Oe) 

Cants on eaoh One Hundred ($lOO.OO)Dollars or 

rreotlon thereof, over tka flrat Two liundrad 

($200.00) Rollars, on all notes and obligation6 

aeoured by chattel mortgage, deed of truet, meakanlo*s lien oontreat, vendor’s lien, oondltlonal 

salea oontract end all inrtrumente of ES alrnilnr 

nature wkiok are filed or recorded in the offlae 

of Ike County Clerk undsr the Reglstraticn Law8 

of t?.is State ; provided that nc tax shell b a levied on 

in.n;aynta securing an amount of Two Hundred ($200.00) 

, or less. krtar tka efreotive date or tkis 

Act, exoept aa hereinafter provided, no such lnatrument shall be filed or recorded by any County Clerk 

in this State until there kaa been efrixed to suoh 

I. stnuaent rtempa In aocordence with the provisiona 

of tkis reotion; providing further that skoul% tke 

lnstrumont fl1.d In tha oifloe of the County Clerk 

be security of an obligation that hes Croparty 

pleaed ea 8eouritf in e State or Stqtee other 

then Texas, the tex shall be based upon the mtasanable oash value of ell property pledged In Texas 

in the proportlon that said property in Texas 

beara to the total value of tkr property securthe obllRatlon; end providing further that, exerpt 

aa to renwualr or extsnslonm of accrued lntsrest, 

the provlslo~ OS thie eeotlon shell not epply to 

instrumanta given in renewal or extensions of lnstruments theretofora rtemped under the provlsion# 

of tkie A.ct or the one mended herob*, and *hell 

not ap-jig to instruments given in the rerunding 

of exiatlng bonds or obligations wkere the Freceding 1nstNment 0r ssollrlty w8a etemprd in aaaordenoe with thla Aot or the one emended hereby. 

provided further that the tax levied 1:. ttiie Act 

shall epp;ly to only one infdtrumerit, tke one of tke 

grsatest denomination, where lreveral lnatru3lente are 

oontemporeneoualy axeoutud to sacure one obligation; 

and provided further that when once stamped aa provided herein, en instrument may ba racorded in any 

number of counties In this Stata without again baing ~10 etanpad. This section ak;all not apply to 

lnatrumsnte, notes, or other obligations taken by 

or on behalf of the United States or ol’ the State 
Honorable R. V. Rsgrord, Pega 3 

of Taxsa, or any oorporsta aganoy or inetrumantallty of tha Unltad Stata8, or Of tha Stata of Tama 

in aurrylng out a gorsrumantal purpoea as azprssaad 

in any Aot of tha cougrars of tha Unlt6d Statas or 

of tha ~glslstnre of tha Stste of Taxas* nor rhsll 

tha provisions of this seation apply to obligations or 

Instruments esourad by liens on crops and fann or 

agrlaultural produots, or to llvastook or form lmplaznants, or an abstract of judgmmt. 

WI? the amotit eecured by en instrument Is not 

expressad tharair, or I? any part of the security 

dasoribed In any suah instrument appears tG be lomtad 

without the State of Text, tha County Clerk shall 

mquira pr00r bg writan 4rrid4vit4 of such feats 44 

nag ba neoaaeary to detsrmlue the amount of the tax 

dua. m 

The zaohadfG*s lien huld by the BulldIng en4 T.aun Assoolatlon avidanaed the seam lndrbtadnam 4s tar. Brcwn held 

prior tc the assignment. 'Rams when tha Mabtadnass bald by 

the Building and Loan Association ma renawad and extendad by 

the dead of trust, it was sn axtanslon of the orl@ual IAabtadnaee, the Instrument scour 

3 

nhloh bed bean stanpad. Under 

the axprssa provlsio~ of the ot, the dead of trust &van by 

Mr. Boa for the benefit of t&a Building and ioan Aasocfatlou 

may be recorded without payment of the etatap tux. 

I? we ma wrong In our assumption that tha indabtadnasa wan axtanded upon tha aaaoutlon of the daad of truet and 

if tha lstter lnstrumeot wss, sim ly givan upon tha sama property 

to aaaura the suma nGto without Jp ts balrrg axtacdad or renawad, 

tha 8mae rasclt IS rsaohed if *hasa transaotlous wara, to all 

pmotloal ~purroeaa, contamponmous on*s. 

For tha same ressons wa reaoh tha aama raslalt se to 

tha dead of truet executed by V. R. Skaen am to that pert of tha 

original Indebtedness wtioh had not bean paid. Rowaver, insofar 

as tha rams1 note of $25,000 reprassntad fraah monop, or aa 

oruad lntarast, it must be stasnprd. For 1 stanca, I? tha #25,000 

note represents a rermwsl of the old lndabtadnass, to the extant 

of )20,000 and I? tha ramalnlw $5,600.00 repreeects other nonby 

edvancad or Interest aocrtied on the orlglnel indabtadnass, then 

tharr ehculd be ettsohed to It the mm amount of stalilps (de would 

go on a dead of trust 89ourlsq, the 4uzn Of $5.000.00 

Yours very truly 

BY 

Glann R. Law14 

A4414t4nt