**OFFICE OF**  **THE Al-l-ORNEY**  **GENERAL OF**  **TEXAS**
**AUSTIN**



### xonorablo

Llntons. Batage 

### oounty **Attorney**

"The indentma aeourlng tbew obligntionr

dU eon

### tryoortain

oil and gee leases

andUoIpb

roeproperty



### in tbo **States~Qf** 

### Kansas and OIslehow

and,as wall,

mm. 011 and gae leaSeein the Oounties oi Flueowan4 San PatrlOi0, 

### Tezas.

### wThsm 1s also pledged a oontraot

ooverlng 

### purohase 0f 

### gas rr00 oertaln 

### lease in sari mtriofo County,Texas, and oontraote

ooverlng

sale 0r 

### gas produoed rr00 all threeatatw. "All of thebonds oi SerIssAwlll bq ppohaeed tram **the mortgagor**  **by** 

### Metropolitan **Life ilheuranae**  **Company, a**  

### oorporatlon

or Ifew York. All of the bonds of Series B will **be** 

### purohasod

from themortgagor

by The Rational city &Ink or wm York.',
You mentionan 0 by 8n Asslatant Attorney 

### General under 

### the preoo6Ing 

### a tratlon, dated**Fobrunry** 

### 1.5,

1957, addremed to the OotmtyAttorney of PotterOounty,to thm l

### irO0t 

### that a trust **indentw** 

### on propedee wlthln 

### a8 we&l am 

### ulthoutthe State of Texas in favorof **and** 

### dellrered to nonreeldontm of 

### the 

### State w 

### exempt

rrom the tax, and you further mentionan oplnlon 

### by t&o prior adminfstratlon at thir offloe, addrwied to thr Cwnty Attorney 

### OS **WI@dta** 

### Oounty, datedWay 27, 1938, see to hold that obligationa **owned** 

### by nqtlonal banks are aoqtfrorawhtu. You rrqueatour oplalon a8 to wholib~ or not thr indo!ature of mortgage to 

### be axoouted by Republlo

Batural 

### CaOk+mpeny, before 

### beIn **reoordod,** 

### anst.bo lltempe6

la aooordinao

with the pr0Y1010nrr or Arti 70470, **B.C.&, u**  **auadod by**  

### 8.B. Xo. S4 **by** 

### the 44th Logislafiure.
8aId S.B:Mo. $34,

46th Logialaturr,

made In part as roll.rrrrer *boept aa bmln othenI80 provldod there Is bbro**by** 

### lotiedend awmew6 a tax of Ten (lC#) Cents on oaoh One **Hpodmd** 

### (#lCC,OO~ Dollar8or Sraotion theroof,

over 

### the fir& W Thmdnd ((eW.00) Dollara, on all not.8 til. d **obll&atlons** 

### mow6 by ohattolmortgags **deed** 

### of t uahanl~*r 1108~

oentmot vendor'@

lien oonbitlon- 

# a l ai~a6ontxa~tandallln&ntants of a slmLrnatw W&Oh a%% illed 

### or reoorbl In 

### the orfloe 

### of the County Clerkunder 

### the Eegl#tratIon Law6 of thI# State;protided that no tu aball 

### be l&viedon Inrtxuments seourlng

an amountof Tro Bundm6 0NO.00) Dollam, or.1~~8. After .Mo 

### l t fe o tl ye

date 

### of tai8 Act, uoept aa hereInaftor provided,

no wah instrument

ehallbe tiled or reworded **byanyCounty** 

### Olerklnthls St~tauutlltWre harbeen affllrsd

to mah Inatwnt stamp@in aooordanae 

### ~i$h the pmtIrrIo~ oi thlr meetion; providing

further

that nhouldth* Instntnunt **f ’**  **I1.d** 

### In .tho

ofi'ior ot the Oounty Clerk **bo** 

### 8eourity

of an obligation

that baa property pledge6•~ 8aaurIfy In a State or Statesother 

### than Texan,the tu 

### #hallbo baaed upon the raaronnblo oa8h value of all property pledgedin Texas in the proportl6nTon. Llnton S. Savage, Page 3.

that said property in Texas benrs to the totalvcluo of the pmgerty aoa~~lng the obligation;

. . . and pMVided further that when onoo str:mpod as providedherein, an instrument

may be recorded In any number of countioa In thie State without again being 80 stamped.

.. . *If the amount aooured by a instnunentIs not oxproseed therein or if any part of the soourltydosorlbod In any suoh lnstnrmsnt appears to be looatodwIthout the State of Texas the County Clerk shall requireproof by written affidavitsof suoh feots as may be nooossary to determinethe amount of the.tax duo.*
Tho provisionwith reforenoe to proratlng,the tax, wbsro a pert only OS tho aeourlty Ir, looatod In the State of Texas,was not la tho originalArtiolo 70470, R.C.S., a8 the semo erieted et the tlmo of the oplnfon to the County Attorney of Potter County. Furthermore,

we might obaene that on April 29, 193S, the prooodlng edmInlstratlon of the Attorney Goneral'sDepartmentln an opinion wr$tten by H. L. rcllllford, Aseietant Attorney Gonoral, addroeeod to Ron. C+rley Lookhart, State Treasurer, Nled uontrery to the opinion or February 15, 1937.

In our oonferenooopinion MO. 3061, dated June 17, 1939, addressed to Ron. Charlay Loolchert, State Treasurer,

we expressed the via that'tho tax levied by 8.8. No. 24 1s a tax upon the prirllogo 0r rwordIru3. PertloulerlyIn vlow 0s the lnoluslonin the amendedAot oi the prov%slonsrequiringthe prorationof the tax whore a pert or the eaourlty 1s looatod outside tha State of Texas, we bslloro thnt the instrumentin quo&Man muat beer atampa ae provided in the emendedAot, and dotormlnodas thereinprovided.

In opinionRo, O-267, dated February 25, 1939, add&sod to the State Troamurer, es well a8 lo our opinion No. O-874, rsomtly given to the Banking Commis~lonerof Toxea, we oxpnrsed tho rlow thet lion instrumentstalc- by national banks and **owned** by them are not subjoot to tho tax. However, it wIl1 be noted that In the iaota submittedto ua by you none of the bond6 aoouredby this lndenture of mortgage Is now owned by tho Rational City Bank of Now York, but apparentlythat bank simply plans to puroheeoSerIoa B of the bonda ao **eeoured.** If wo understand the instant situation oorrootly,the Matlonal City Bank of Now York would not be paying this tex. Henoo no exanptlonwould be afforded the Indentureof mortgage In question. The tax #houldbe oollootodeooordlngly.oaloulatodaa eot forth In S.B. No. 24 and

YOWS VOlF$'

tNu GRL-W ATlDlU?EIGENEIULOlr~i!XAS **APP~WVED SEP**  **7,** ,lQSQ

**.** Gerald C. Mann (signed1 **AT ’**  **IDRNJIY** GENERhL Op‘ TEUS