**OFFICE OF**  **THE ATTORNEY**  **GENERAL OF**  **TEXAS**
**AUSTIN**

Honorable TomSeay County Attorney Amarillo, Texae

Dear Sir: Opinion No Re: Wheth

Vernon’s Annotated Civil Stat-

“(ij Except as herein otherwise provided there is hereby levied andassessed
a tar of Ten (log) Cent8 on each OneHundred ($100.00) Dollws or fraotion thereof, OVOT

# the

fir*tTwo Hunarea (&aoo.oolDotlara, on all notee andobligations eeouredby chattel mortp.!qc, deed of trust, mechanie’e Lien oontract, vendor’s lien, conditionol sales contract ‘andall instrument3 01’a slmflar nature which are ftl~d or recorded in the office of the County Clerk undor the Registration Lawsof thla State; provided that not’ax shall be levied on instruments securing anamount of TwoHundred ($200.00) Dollars, or less. After the etfootlve dote of this Act, except aa hereinafter provlded, nosuch instrument shall be filed or reoorded by any Bounty Clerk in t::.!s State until there has been affixed tc such instrument stamps in aocordanoe with the provision3 of this section; providing further that should the instrument filed in the office of the County Clerk be security of an obligation that has property pledged ae security in e Btete or gtetea other then Texan, the tax ah11 tr lteaati upon the reasonable cash value of all property pledged in Texas in the proportion that said property fn Texas bears to the total value of the property securing the obligation; and, providing further that, exoept as to renewals or extensions of aoorued interest, the provisions of this section shall not apply to instruments given in renewal or extensions 

## or instruments theretofore stamped under the provisions of this Act or the one amendedhereby, and shall not apply to instruments given in the refunding of existing bonds or obligation3 where the preceding instrument of security was stamped in accordance with this Act or the one amendedhereby; provided further that the tax levied in this Act shall apply to only one instrument, the one of the greatest denomination, where several instrument3 are contemporaneously executed to seoure one obligation; andprovided further that whenonce stamped as provided herein, an instrument maybe recorded in anynumber OScounties in this State without again being 30stamped. This section shall ‘not apply to instruments, notes, or other obligations taken by or onbehalf of the United:

Honorahle TomSeay; page 3

States or of the State of Texas, or any corporate agenoy or instrumentality of the United States, or of the State of Texas in carrying out agovernmental purpose as expressed in anyAct ot the Congress Of the United Stetea or of the Legislature at the State or Texas, nor shell the provisions of this seotion apply to obligations or instruments seoured by liens on crops andfarm or agriculture1 products, or to livestock or farm implemerits, or..an abstract of judgment,
Both this andthe preceding administration of the Attorney General’s office have expressed the opinion that national banks were exempt from paying the stamptaxes levied under Article 7G47ebefore the amendmentby the 46th I.egislaturer Thie exemption oanes not from the lenguage of thhetedn

utes, but &II the inability (rf+the YLstr aa ig statA Vy such a tax against nstional banks. Federal Land Eankv. Crosland, 43Supreme Court 585; De3Moines National-Bank v. Fairweather, 44SupremeCourt 22; First National Bankv. Anderson, 46Supreme Court 135; Gully v. First National Bcnk, 81 Fed. (26) 502; Section 548, Title 12, U. S. C. A. ; opinion by H. L. irillliford, Assistant Attorney General, to Lookhart, Xarch 21, 1938; our opinion No. O-267, dated February 25, 1939. In our opinion No. O-074 addressed to Honorable 2. Goasett, Banking Commissioner of Texas, weaffirmed such holding a3to the amended statute. In our oonierence opinion No. 5061 dated June 17, 1939, addressed to the State Treasurer, we .expressed the view that this is aprivilege tax.

Since the tax levied by said article 13not one upon property, andnever aoorues until the instrument of security is presented for record, and sin08 national banks are not subjeot to the tax levied by this article, the instruments mentioned by you sre exempt from the tax, andyour question must be answered in the affirmative. This is in accord with the Opinion

or H. L. Williford, Assistant Attorney General, datedHonorable TanSeay, paga$q

May27, 193S, addressed to Honorable NedMcDaniel, County Attcrney, Wfahita Falls.

Your8 very truly
ATTORNXY

OENERAL

OFTEXAS (signed) '

BY Glenn R. Lewis Aealetant
GRL:LW

APFROfED

OCT30, 1939 (signed) GERALD

C. MANN ATTORNEYGBNEIUII OFl!5lW3

APPROVED oglnion conK4ittea By BWB OhelFlnell