The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1884-12-26

debt 20 secured, equal IN value to the
value put ~ the assessor upon such |
security in assessing il IS hereinbefors
provided, and such security and portion
of the debt 10 secured may togsther be
sold for the payment Of any taxes due
upon such security in the same manner
and with like effect that land or real
property in this State is sold for tho
payment Of taxes thereon.
SrC, 1. The owner OF mortgage,
deed of trust, contract, or other obliga-
tion, whereby land or real property Is
made security for the payment OF .
debt, and also the debt 30 secured, shall,
for the purposes of assessment and tax
alton, be deemed ts be the person or
persons to whom the security was given
in the first instance, unless 10 appears
on the record Of the security that some
other person is the owner and ali as
signmsnts or transfers of debt secured
as mentioned in this ACT shall, for the
purpose of assessment aud taxation, be
null and void, unless such transfers or
assignment is made in writing upon
the margin of the record of the security
and the name Of the person to whom
such debt il assigned or transferred
given and in ell cases such security
ahall b assessed and taxed to the per-
son or persons who appear on the record
of such security to Be The owner there
Of. All mortgages, deeds of trust, cou-
tracts and ether obligations hereafter
lsxecntsd whereby land Or real property
situated in more than one county In
| this State, ls made security FOR the pay
ment of debt, shall be void.
| SRo. s. Fer the purposes Of assess-
msnt and taxation no payment on any
debt secured 81 hereinbsfore mentioned
Ia this Act shall hereafter DC taken
into consideration By any assessor In
this State, when assessing such securi-
ty - herein provided, unless such pay
menk il eadorsed in writing on tbs
margin Of the record of such security
by the owner thereof, or his authorizes
, agent. before the delivery by the Uoun-
ty Clerk to the assessor Of the abstract
Of securities hereinafter provided for.
L SEC. 6. It is hereby made the duty
Of each County Clerk Ia this State q
deliver on the first day Of August ol
. each ysar to be assessor Of his county
an abstract of all unsatisfied instsu-
ments of writing on record in his Office
whereby land or real property i made
security for the payment of any debt
. Such abstract Of each Of such instru-
ments shall contain the following:
i l. The narns of the person or per
sons wba executed such instrument.
) 2. The name OF tbs person or per
j sons foe whose bene6: it Was executed
| 8. The sum that still appears secur
3 ed by snch instrument.
4. 4 brief description of the proper
+ ty contained thersin, to-wit, thszRang,
! ! township and section In which it
situated.
5. The date thereof. and When re
, corded.
i 6. The book and page thereof wher
j recorded.
II 7. The person OF persons who apes
7 On the record to b the ewner Of suc
e security.
SEC. Z. The abstract mentioned
Section 6, Of this Act, shall be 10 sub
stantially the following form.
!, Abstract Of unsatisfied instruments {
writing recorded in - county, Ore
gon, whereby land or real property
e made security for she payment Of
i debt.
, Name Of Obligor
Name of Obliges
Sum still secured : cts
Description, range,
township, sec.
Date Of instrument
When recorded
Book and page
IOEner of security
= SEC. 8. It Is hereby made the dut
! Of the several County Clerks ia thi
I State to record in the margin Of th
!. record of al mortgages, deeds Of trust
; contracts or other obligations on recor
! : in his county, whereby land or rea
!. property IL made security for the pay
) msnt Of any dsbt, whom requested 50 q
!, do by the mortgages or ewner Of sue
: security, ali assignments there 4, or Z
the note or other evidence OF deb
: thereby secu.ed and al payments mad
thereon or the note or other evidence
, of the debt thereby secured, and copie
: , thereof certified By such Clerk shall
: received in evidence in all the Courl
? Of this State with like effect as csrti
6sd copy Of such mortgage or otne
security. And all persons who no
have any such securities as are men
toned in this Act recorded In thi
State, upon which partial payment
have been made, are hereby allowed ii
the frst day of June, 1885, after Obi
Act takes effect, to cause to be recorde
in the Clerks Office of the proper coun
ty, such payments, WITH the date
q thereof.
8 SEC. 8. A debt secured By land {
b real property, situated Ia this Stat,
: shall, for the purpose of taxation,
6 deemed to be and considered AZ indebt
d edness within this State,and the perso
. or persons owing suck debt shall
L entitled to deduct the same from bis {
n their assessment in the Same mann.
d that other Indebtedness within the Sta
70 is deducted.
e SIC. 10. No promisory note or 9th,
q instrument of writing, which is tho ey
:, denes of debt that Is wholly secure
J by land or real property, situated
: this State, shall BE- taxed for any pu
Ie pose In this State, but the instrumeI
: BY which it is secured shall be assesss