The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1883-01-19
TmE NEW ACT RELATING TO REAL PR0.
rERTY AND TAXATION or MORTGAGES
AN ACT.

AN ACT.
To define The terms n1land and Real
Property for the purpose Of taxation
and to provide where the sarno shall
be assessed and taxed and to declare
what instruments whereby land or
real property is made security for the
payment of a debt, shall be void |;
and to repeal sections 2 and 7 OF
chapter 81 OF the miscellaneous laws
OF Oregon.
De 10 enacted by tho legislative
assembly OF tho state of Oregon
SEcTIoN 1. Tho terms .'real pro.
perty" and slandsn wherever used
In this act or In any other Of the laws
OF Oregon, shall, for the purpose Of
assessment and taxation, be held 10
mean and Include not only the land
itself, whether laid out In town lots
or otherwise, with oil things contain.
cd therein, but also all buildings,
structures, improvements, trees and
other fixtures of whatever kind there
on, and all rights and privileges be.
longlng or In any wise appertaining
thereto, and q mortgage, deed oI
trust, contract or other obligation,
whereby land or real property, sItua-
ted In no moro than one county In
this state Is made security for the
payment Of debt. together with
such debt, shalt, for the purposes oI
assessment and taxation, DO deemed
and treated as land or real property.
SEC. 2. All land shall be assessed
and taxed In the county where the
same shall lie, and every person shall
DO assessed In the county where he
resides, when the assessment Is made
for all real and personal property then
owned by him within such county /;
and unoccupied land, II the owner Is
unknown, may be assessed as such
WITHOUT inserting the name of any
owner and mortgage, deed OF
trust, contract OF other obligatien
whereby land or real property situa-
ted in no moro than ono county oil
this state Is mado security for the
payment OF dabt, together with
such debt, shall be assessed aud taxed
TO the owner OF such security and
debt In the county, city or district In
which the land or real pr 9perty affec-
ted by such security IL situate d.
Tho taxes 30 assessed and levied on
such security and deDt shall be q lien
thereon, and the debt together with
the security may DO sold for the pay.
ment ofany taxes duo thereon, In tho
same manner and with like effect
that real property or land Is sold FOR
the payment Of taxes.
SEC. Q. The owner Of mortgage,
deed of trust, contract, or other obli-
cation, whereby land or real property
situated in but one county in alc state,
is made security for the payment of a
debt, and also the debt so secured,
shall, for the purpose of assessment and
taxation, be deemed to be the person or
persons TO whom the security was given
in the frst instance, unless il appears
on the record Of the security that some
other person Is the owner and all
assignments or transfers, OF debt, Sc.
cured as MENTIONED in this act, shall,
FOR the purpose OF assessment and taxa
ton, be null and void, unless such
transfer or assignment il made in
writing upon the margin Of the record
Of the security, and the name Of the
person TO whom such debt is assigned
or transferred, given and in all cases
such debt and security shall be assessed
and taxed to the person or persons who
appear on the record OF such security
TO be the owner or owners thereof. All
mortgages, deeds of trust, contracts, or
other obligations, hereafter executed,
whereby land situated in Iaore than one
county in this state is made security
for the payment of a debt. shall bo void.
SEC. 4. For the purpose Of. assess
ment and taxation, no payment on any
debt secured az heretofore mentioned
IN this act, shall hereafter be taken int
consideration by any assessor of this
state, when assessing such debt an d
security as therein provided, unlss.
such payment is endorsed in writing on
the margin of the record Of such securi.
ty, by the owner thereof or his author
lied agea., before the delivery by the
county clerk to the assessor Of the
abstract of securities hereinafter provi-
ded for and in all cases the assessor
shall assess such debt and security for
the fall amount of such debt, that ap.
pears from the record of security 10 be
owing, unless, in the judgment Of the
assessor, the land or real property by
which such debt Is secured is not worth
as many dollars as still appear unpaid
of such debt, and then in that case he
shall assess such debt and security al
whatever sum ne thinks TO be their
real cash value.
SEC. 5. 1t is hereby made tho duty
of each county clerk ia this state TO de.
liver on the first day-of August Of each
year, to the assessor of his county, al
abstract Of all nnsatisfied instrument
of writing on record in his Office, where
by land or real prop rty situated in BIZ
county, alone is made security for ths
payment of any debt. Such abstrac
of each of such instruments shall contain
the following |. The name of th,
person or persons who executed such al
instrument 2. The name of tho per
son or persons for whose benefit it wa
executed. g. The sum that still ap
pears secured by such instrument.
A brief description Of the property
therein contained, to-wit the range
township and section in which it is sit
uated. 5. The date thereof and wha,