OFFICE OF THE ATTORNEY GENERAL OF TEXAS 

AUSTIN 

Honorable Tom Seay 

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 and assessed 

a tar of Ten (log) Cent8 on each One Hundred ($100.00) Dollws or fraotion thereof, 

OVOT the fir*t Two Hunarea (&aoo.ool Dotlara, on all notee and obligations eeoured 
by chattel mortp.!qc, deed of trust, mechanie’e Lien oontract, vendor’s lien, conditionol sales contract ‘and all instrument3 

01’ a slmflar nature which are ftl~d or recorded in the office of the County Clerk undor the Registration Laws of thla State; 

provided that no t’ax shall be levied on instruments securing an amount of Two Hundred 

($200.00) Dollars, or less. After the etfootlve dote of this Act, except aa hereinafter provlded, no such 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 

amended hereby, 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 amended hereby; 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; and provided further that when once stamped as provided herein, an instrument may be recorded in any number OS counties in this State without again 

being 30 stamped. This section shall ‘not apply to instruments, notes, or other obligations taken by or on behalf of the United 
: 

Honorahle Tom Seay; 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 a governmental purpose as expressed in any Act ot the Congress Of the United Ste tea 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 and farm or agriculture1 

products, or to livestock or farm implemerits, or.. an abstract of judgment, 

Both this and the preceding administration 

of the Attorney General’s office have expressed the 

opinion that national banks were exempt from paying 

the stamp taxes levied under Article 7G47e before 

the amendment by the 46th I.egislaturer Thie exemption oanes not from the lenguage of thhe tedn 

utes, but &II the inability (rf+ the YLstr aa i g 

statA 

Vy 

such a tax against nstional banks. Federal Land 

Eank v. Crosland, 43 Supreme Court 585; De3 Moines 

National-Bank v. Fairweather, 44 Supreme Court 22; 

First National Bank v. Anderson, 46 Supreme 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, we affirmed such holding a3 to 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 a privilege tax. 

Since the tax levied by said article 13 not 

one upon property, and never 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, and your question must be answered 

in the affirmative. This is in accord with the Opinion 

or H. L. Williford, Assistant Attorney General, dated 
Honorable Tan Seay, paga $q 

May 27, 193S, addressed to Honorable Ned McDaniel, 

County Attcrney, Wfahita Falls. 

Your8 very truly 

ATTORNXY OENERAL OF TEXAS 

(signed) ' 

BY 

Glenn R. Lewis 

Aealetant 

GRL:LW 

APFROfED OCT 30, 1939 

(signed) 

GERALD C. MANN 

ATTORNEYGBNEIUII OF l!5lW3 

APPROVED 

oglnion conK4ittea 

By BWB 

OhelFlnell