Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-23
THE NEW BOND LAW.
PARKS MEASURE As TT STANDS
UPON THE STATUTE hooks.
4 LAWYERS OPINION OF The ACT.
The New Law Makes Important
Changes ms to tho Method of List
fng-Evfdences OF Debt Represent
ing business Capital Not Taxed.

A number of merchants having re-
quested me to prepare and publish an
opinion as TO the effect that the Parks
law Will have upon notes, evidences Of
debt etc, taken in the line Of their
business as we'll as to outline the changes
which are made In the present law, j
ask that you will give space to an at
tempt to do so.
A close reading of the bill itself will
reveal the changes to those who are
familiar with the former law, and to
others, few remarks by way Of explana-
ton may be of some assistance for the
purpose Of better understanding the new
law.
THE NEW LAW.
The act, emitting the formal parts, IS
as follows:
| person. natural or artificial, residing in
his district, city, or town, to make out
and deliver to said commissioner a list
| in detail of the date amount for which
originally given. but not the name of the
debtor, the dates and amounts of the
credits thereon, the balance due, and the
time OF payment of all bonds, notes,
stocks, and other evidences of debt, due
and payable TO such person, in excess Of
500, and a statement of the aggregate
amount Of all bonds, notes, stocks, and
other evidences Of debt under 800 each.
The Auditor OF Public Accounts shall
furnish the necessary blanks for such
lists and statements TO the Commissioner
of tho Revenue. This list and statement
shall la CfopqH aud to l,.rt 1,, .,
payer before the Commissioner uf the
Revenue, or some notary public, or other
person authorized TO administer oaths,
who shall certify that said list was sign
ed and sworn TO before him. Tho Com
missioner shall sign the list and deter
mine the value Of the bonds notes stocks
and other evidences Of debt therein enume-
rated, subject to an appeal from his
valuation TO the county or corporation
court. The said list and statement shall
include bonds due from railroad and canal
companies, bonds Of counties, cities. towns,
and bonds Of other States and corpora
tons, certificates Of stock in any incor-
porated company, bonds OF individuals,
and all demands and claims however evil
denced, owing or coming to such person.
whether duo or not, from debtors residing
out of or within the State or county
whether secured by deed OF trust or by
judgments or not. deducting from the ag-
gregate amount thereof all such bonds,
demands. or claims not otherwise de-
Quoted owing TO others from such per-
son as principal debtor, and not as qua
rantor, endorser or surety; but no,bond,
demand, or claim, constituting part OF
the capital as defined in chapter1 OF tfiis
act, Of business done out Of this State,
or any capital used by any merchant or
nj md ohopfa
Of this act, shall be included in this
section. The list and statement herein
provided for shall be delivered by said
commissioner to clerk OF the county or
corporation court OF his county or city
who shall file the same in his Office, pro-
perly labelled, keeping the list for each
year separate. If any person, firm. or
corporation shall. with a view TO evade
the payment OF taxes, fail or refuse 20
make out and deliver under oath, such
list and statement as herein provided for
Of any bonds, notes, stocks, or other evil
dence of debt which are subject to assess
ment and taxation under chapter OF
this act. then the omitted evidence OF
debt shall not be recoverable by action al
law. or suit in equity in any Of the courts
Of this Commonwealth, or by any legal
process. or by sale under deed OF trust
or otherwise, until they shall have been
reported for assessment. and the tax paid
thereon for the years that IL should have
been paid, with an addition Of 80 per
centum OF the amount Of said unpaid
taves. and the failure TO make out and
deliver such list and statement to the
said commissioner shall be taken as
prima facle evidence of the intention to
evade the payment Of taxes.
Section @ All acts and parts or acts
Al = haFf llxfT a.
pealed.
Section 3. This act shall be in force
from its passage.
THE TWO LAWS COMPARED.
The law which was in effect prior TO the
enactment Of the foregoing bill into law
was the act approved March 6, 1880 which
provided that the aggregate amount OF
all bonds notes, and other evidences Of
debt. &C., due TO the person giving in his
list for taxation, in excess Of one hundred
dollars should be given to the Commits
sloner of Revenue, and that the sggre-
gate Of those under one hundred dollars,
each should also be given, the solvency
Of which in case Of doubt should be de-
terrnined by the commissioner. The only
material change which the Parks act
makes in the former law is the manner
Of listing for taxation bonds, stocks,
notes, and other evidences Of debt, where
the amount OF each exceeds the sum OF
one hundred dollars. All such securities
and evidences Of debt which are under
one hundred dollars each are to be listed
in the aggregate as provided for in the
former law.
OF all such securities and evidences Of
debt. which exceed one hundred dollars
each. there must be, under tho Parks
act, given "a list In detail Of the date,
amount for which originally given, but
not the name OF the debtor. the dates
and amounts of credits thereon, the ball
ance due. and the time Of payment Of all
bonds. notes, stocks, and other evil
dences Of debt, &C."
The act further provides that the COM
missioners shall determine the value TO
be placed upon the securities listed. sub
ject TO an appeal from his valuation TO
the county or corporation court.
From the aggregate amount OF such Sc
curities when listed, there may be de-
Quoted such sums, not otherwise deduct
ed, as may be due or owing 10 others as
principal, and not as guarantor, endorser,
or surety, from the person giving in his
list. This last provision follows the old
law.
MUST BE LISTED TO COLLECT.
The portion of the Parks act which
forbids the recovery by action at law, or
suit in equity, or by any legal process,
or by a sale under a deed Of trust, on
the omitted evidence of debt, until the
same shall have been reported for assess
ment, and the taxes paid thereon. &C., Is
substantially the same provision as that