The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-01-25
To Tax mortgages and Bonds.

supplemental bills, one to tax mortgages anu
the other to tax bonds. All are modelled on
the Hayes bills and were drawn by George
r. Gather. Jr.
Below are the mortgage and bond bills:
The Bond-Sealing Bill.
A BILL
Entitled n supplemental act TO an act ito
repeal and re-enact with amendments Sections
/, 2, 4, al and 146 of Article 81 of the Code
of Public General Laws, title Revenue and
Taxes, and to add new sections to said article,
to be known as Sections 164 to 1913, both in
elusive, providing for the general. valuation
and assessment Of property in this state, to
add an additional section to said article 81 OF
the Code of Public General Laws, title
"Revenue and Taxes, to be known as Sec
! ton 1874 of said article.
Section /. Be it enacted by the General
Assembly of Maryland, That the following
section be added to Article 81 of the Code OF
Public General Laws, title Revenue and
Taxes to be known as Section 1914 OF SAID
article. to read as follows:
1874 All bonds, certificates of indebted
ness or evidence of debt in whatsoever form,
made or issued by any public or private cor
poration incorporated by this state or any
other state, territory, district, or foreign
country, or issued by any state, Except the
State Of Maryland, ] territory, district or for
eign country, not exempt from taxation by
the laws of this state, and owned by residents
of MARYLAND, shall be subject to valuation and
assessment to the owner thereof IN the county
or city in which such owners may respectively
reside, and they shall be assessed and valued
according TO the rate of interest therein stlpu-
lated to be paid; that is to say, such OF said
bonds, certificates ofindebtedness, or evidence
| of debt as bear an interest OF per centum
shall be assessed at 60 per centum OF their
| face value; such as bear an interest OF per
centum shall be assessed at $50 in the Slooi
| such as bear an interest of AZ per centum at
S45 in the 500; such as bear an interest of
per eentum at $40 in the 500; such as bear an
| interest of 81 per centum, at S35 in the 500;
| and such as bear an interest of per centum,
at $50 in the 500; and such as bear an interest
at a rate not named in this section, shall be
assessed and valued at a corresponding re-
| duced valuation, if the rate of interest be less
than 6 per centum, and at corresponding
increased valuation, if the rate of interest Is
above per centum, and such upon which no
interest shall be actually paid shall not be
valued and assessed at all. And all assessors
and other tax officials whose duty it shall be
by law TO make or revise assessments OF valtl-
atoms of such securities as hereinbefore de-
scribed shall make such assessments of valua-
ton in accordance with the provisions OF this
act. any law to the contrary Notwithstanding.
Section q And be it enacted that all acts
and parts of acts inconsistent with the afore-
going section be and the same are hereby re-
pealed.
shall take effect from the date of its passage.
The Mortgage Tax Bill.
A bill entitled an act supplemental to an
| Al. 90, Naul md roo
with amendments |, 2, 4, l41, 146, of Article
81. of Code of Public General Laws, title
''Revenue and Taxes and to add new sec
tions to said article, to be known as Sections
1914 to 1888, both inclusive, providing for
general valuation and assessment OF property
in this state;n to add seven sections TO said
Article 81, of the Code of Public General
Laws. title ''Revenue and Taxes" to be
known as Sections 1876 to 201 of said article,
providing for the assessment and taxation.
Section /. Be it enacted by the General
Assembly of Maryland That seven new sec
tons be added to Article 81, of the Code OF
Public General Laws, title Revenue and
Taxes, to be known as Sections 1856 to POI
of said article, to read as follows:
Section 1876. All mortgages of record in
this state shall be valued and assessed to the
mortgages or holders thereof in the county
or Baltimore City, where the mortgage is re-
corded, provided, that if any mortgage is
| recorded in two or more COUNTIES, or in one
or more counties, and also Baltimore City,
then said mortgage so recorded shall be valued
and assessed in the county or Baltimore City
where the greater portion in value of the prop
erty covered by the mortgage is located.
Section 1856. All of said mortgages valued
and assessed as provided in the preceding
section shall be taxed for all state, county and
municipal purposes.
Section 1877. All covenants contained in
any mortgage executed after the passage OF
this act, for the payment by the mortgagor OF
any or all taxes, assessments, public dues or
charges, levied or to be levied by law on the
mortgage debt created or secured by such
mortgage or on the interest covenanted to be
paid, are hereby declared null and void, and
| if under the laws of the state, owing to the
covenants contained in any mortgage executed
| before the passage of this act, the mortgagor
shall be compelled to pay the tax hereby
| levied under the provisions of the preceding
section, he shall, upon payment of the same,
be entitled to have the same deducted from
the tax or taxes on the real estate or personal
property covered by the mortgage.
Section 1913. After the passage Of this act
any person or corporation lending money on
mortgage upon property i'll this state, their
oath as to the bona-f ides of the consideration,
shall take an oath to be endorsed upon the
mortgage and to follow Immediately after the
above oath, as follows: And,
also, make oath on the Holy Evangely of
Almighty God, that he has not required the
mortgagor, their agent or attorney, or any
person for the said mortgagor, TO pay the tax
| levied upon the interest cevenanted to be
paid in advance, nor will he require the same
to be paid by the mortgagor or any person
for him during the existence of the mortgage;
and upon the assignment of any mortgage in
this state, except for the purpose of foreclos-
ure, the party to whom it is assigned shall
take an oath, in this section prescribed, to be
recorded with said assignment, and no mort
gage shall be valid, except as between the
parties thereto, unless the said oath is endorsed
thereon.
| Section 1879. As soon as possible after the
passage of this act, it shall be the duty of the
clerks of the circuit courts of the several
counties of this state, and the clerks of the
Superior Court of Baltimore City, to render
| to the board of county commissioners of the
several counties and the Appeal Tax Court of
Baltimore City, respectively, complete list
of all unreleased mortgages on record in these
offices, which said list shall give the names of
the MORTGAGE and mortgagor, the location of
the properly covered Dy the mortgage, tue
date Of its execution, the time of expiration,
the amount of the mortgage and the rate of
interest covenanted to be paid, and thereafter
said clerks shall file on the first day of each
month complete list of all mortgages re-
corded, released and assigned, in these re-
spective offices during the last month, under
| penalty of $500 for their neglect to do so,
to be recovered as other fines are now recov-
cred; and said clerks shall be entitled to COM
.pensation for such work, to be paid by the
county commissioners in the several counties,
and the Mayor and City Council of Baltimore
City, as now allowed by law for TRANSFERRING
records. 1t shall be the duty of the boards of
county commissioners of the respective coun-
ties of the state and of the Appeal Tax Court
of Baltimore City, as soon as said list of mort
cages is received by them, to value and assess
the said mortgages to these respective holders,
or recorded holders thereof, and have the same
property entered upon the assessment books
of said county or Baltimore City. Should
any mortgage neglect or refuse to pay said
tax when due, the collector of the same is
hereby authorized to seize and sell all his
interest in said mortgage in the same manner
that other property is now sold for taxes in
the several counties of this state and in Balti-
more CITY,