Capital journal. (Salem, Or.) 1893-1895, 1895-02-19
ASSESSMENT AND TAXATION
OF DEBTS.


The B0rke revenue law was amended
By adding the following sections. which
comprise what l. know as the Caliior'
ala mortgage tax law;
Al debts shall be assessed and taxed
Al the same rate - other property is
assessed and taxed in the district and
county where . debtor rsides, For
the purpose Of assessment and taxation
debts shall be divided into two elasse'.
FIrst--A mortgage, deed OF trust or
other obligation by which debt y
secured shall, for the purpose Of assess
mept and taxation, be deemed aud
treated ~ an interest 10 the property
affected thereby, except ~ h rai'f"sf
and other quasi public corporation
aud 10 case the de ts 10 secured tile
valne OF the property effected by snch
mortgage, deed OF trust, contract. q"
obligation. less the value Of snch secur.
Isy, shall be assessed 10 the debtors In
tho county in which The property 'i-
fected thereby IL situate ;; and every
person 80 assessed shall be, and u
hereby created and made the agent Of
each of It's creditors for the purpose ~
giving the necessary statement OF said
detta 10 the assessor, aud Of paying all
tsxes thereon, aud such debtor IL re-
aulred 10 give 10 the assessor 40 item
lssd lIst Of the amount due on said
dehta, on the firs. day Of March of the
year of which the assessment Ia made,
aud giving the name and address oi
credit ". rrovldlng that the aggregate
OF the security upou the property shall
MT be asserscd at sum greater than
the aggregate value Of the property.
The T. xatlon 30 levied shall he lien
upon the property and security, and
may be paid by either party TO such
security. and II paid by the owner Of
the security, the tax 30 levied upon
ths property effected thereby shall be-
come part OF the debt 70 secrued. II
the owner Of the property shall pay all
tax levied on such security, II shall
constltats payment thereon, and lo
she extent Of such payment and fully
discharged thereof, excepting where
the parties have otherwise contracted
~ 10 who shall pay the taxes on said
property. s.
Hsc0nd--D Debts net included Ia firsl
classes, that shall not be subject 10 tax
alton upon which debtor shall pay ih'
taxes, means those debts evidenced b,
some Instrument In writing. and Al
such debts shall be assessed aud taxed
ai the same rate ne other property Il
assessed aud taxed, and 10 the district
aud county where the debtor resides
aud every person who "a aaaeused Tor
the purpose for taSatloB, shall give a.
ltlmizsd list Of such debts A. he owed
ON the frat day Of March of the veal
Ia which the assessment ID made, Civ
lng Ia said Hat the maine Of each orei
ltor aud ihe Amount due 10 snoh cred
lt0r al that lime, and sveFy IeFson -
assessed shall be- aud 10 hereby creeies
aud made the agent ~ each of ht
creditors, fiT tbs pufpoes of giving lhl
neocsunFy sgstemsni ~ such debts q
lhe assnaaoF, and ~ paying lbe taKe
thereon, Aud such statement aud No
shall 10 verified Ia ihs manner nov
provided BY law foF verifying assesses
menf llsls The debtor shsll I'ay u
taxes Ntleh may ~ leyied AsaiIs
dshss 81 assessed, ane shall ls, ARd 4
hsrrby authorised, vbsn he has pei'
said taKss, sAospliua in eass ~heEl
ssld lnslfamsni ln sntlaE shalt oihsg
slse provide, 20 desiuci ana retain
frem lhs amopni " seld dsla, ~ " ih
nwnnal amount ~ lniefssi lhsfessl
when he shall psy che SAME lhe eni1an
"a tea shlph shall ~ lsy,ed sgsigs