The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-12-02
TAXATION OF MORTGAGES.
Senator Buist's Bill Makes the MortgaSed
Property Liable for the Tax on the
Mortgage As well as for the
Tax on tho Properly It
ealf
ESPECIAL to News and Courier.

Especial to News and Courier.
COLUMBIA, November 30.-The fol-
lowing bill, which in the opinion OF a
great many legislators to whom IT mas
been shown is considered one OF the
most important yet before tie Senate,
was obtained from Senator Evans this
afternoons:
Section /. That mortgage, deed OF
trust, contract or other obligation oy
which a debt is secured shall, tor the
purpose Of taxation, he deemed ana
treated as an interest in the properly
affected thereby, except mortgages on
railroad property and franchises and
mortgages held by banks and building
and loan associations, and except mort.
cages given to secure future advances OF
plantation supplies. The value, or suc9
security to be assessed and taxed
against the owner thereof in the coun-
ty, city or district in which the prop
erty affected thereby is situated. The
taxes so levied shall be lien upon the
property covered by such mortgage,
AID may be paid by either party TO sucn
security, and if the owner of the prop"
erty shall pay the tax SO levied on such
security it shall constitute a payment
thereon and to the extent Of such pay
ment full discharge thereof. II any
such security or Indebtedness shall be
paid by any debtor or debtors after as
sessment and before the tax levy, the
amount of such levy may likewise be
returned by such debtor or debtors, ana
shall be compiled according to the tax
levy for the preceding year; and every
contract by which a debtor is obliged
to pay the taxes on money loans, or on
any mortgage, deed of trust or otner
lien to secure a subsisting debt, shall as
to such taxes be null and void.
Section .. The auditor Of every coun-
ty of the State shall procure at the ex-
pense of the county a stamp or seal,
which said stamp or seal shall have en-.
graved thereon the word Assessed, ;"
with date of using and the name OF the
auditor, and shall stamp all such secu-
rites and evidences of Indebtedness as
are returned for taxation.
Section 3. 1t shall be unlawful for
any other person than the auditor OF
the proper county to use or place any
such stamp orany imitation thereof on
any such Instrument as herein before
mentioned, and any person violating
the provision Of this section shall be
deemed guilty of misdemeanor, aad
conviction thereof shall be fined III any
sum not less than S25 and imprisoned
not less than three months.
Section I. No bond, note, mortgage,
80 .t 0t her ODllO2-
ton or evidence Of indebtedness, shall
be collected in any of the Courts OF
this State unless such security shall
have on it the stamp Of the auditor as
provided in Section , of this Act, Oh
the back or margin Of such security Or
other evidence of Indebtedness; nor
shall any Court in this State render
judgment in favor of any owner, holder,
assignee or endorser or any such un-
stamped security, provided that moth
ing in this Act shall he construed as
affecting railroad property or mortgages
or deeds of trust given to secure ac-
va1ces of plantation supplies.
Section 5. 1t shall not be necessary
to list all notes, bonds, mortgages and
other evidences of Indebtedness by
name or to publicly expose the names
of the parties to the same, but the aud
itor shall aggregate the value of such
securities and test the number of such
bonds, mortgages, ETC., placing true
cash valuation upon the same, and be
shall have the power to call in and eX-
anime witnesses, and also to examine
the records Of the company tor lnfor-
nation, and it shall be his duty to
stamp all such notes, bonds, ETC., as
shall be listed from time to time, as
provided in Section of this Act.