Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-12-28
NO STAMPS.
Chancellor's Decree in Fore
closure Suit Not Subject to
Internal Revenue Tax.
CONGRESSMAN POWERS
secured an Opinion ia Behalf of Vernon I
Lawyers From Co nj missioner Wilson
Two Questions submitted
Reply of the G. ymmi issioner
Given in FUN,
CONGRESSMAN POWERS

Washington, ID. C., Dec. 2L-R~rrescu-
tatiNc Powers. of Vermont has received
letter from Commissioner OF Internal
/ Revenue G.. ". Wilson. ul answer to QUes-
tons submitted in behalf of numerous at
| torncNs in Vermont, about Documentary
taxation. There seems to have been con-
| sidoaahlc doubt and porplexty on these
questions among Vermont attorneys. The
decision that there is no tax ON Il chan
ccuor's decree, us a conveyance, in pro-
Cecdings of strict force os ire Of VI mort
gage, will Therefore be read with more or
q less interest
judge Towers submitted two questions
to thc Cummissiuncr-- one of which was
should any revenue stamp be placed OH a
decree of foreclosure upon a real estate
or personal proI crty mortgage, or upon
any OF the Instruments whether it he the
io,mal decree signed by the chancellor, or
certified copy thereof signed Ivy the
clerk of the court for tho purpose Of being
filed in tn" land records of The town in
which the mortgaaed real cstat" or per-
sonal property is situatcd?"
The second question was: "If such
stamps ar" required. when and by whom
should they be affixed? (Meaning whether
they should hc placed upon the instru-
ment before it goes upon pubic record, or
the certified cory thercof)"
4 1hc answer OF the commissioner of in
ternal revenue to Judge Powers inquiry
was in full in as folows:--
For the purpose of informing me speci-
hraIly in regard to the questions. you
state that under the law as 1t exists in
Vermont vou have what is known as a
tStrict fore'lOsure). In other words the
MORTGAGE, upCn expiration of the time of
redemption, takes the land itself. this be-
in" different from number of other JIM
IsClictonS. in which the land would be ex-
posed to public sale.
"A o. In ho - Of
mont, the mortgagee conveys his title to
the real estate subject to conditional
riSht OF redemption upon payment Of the
sum stipulated i'm the mortgage deed it
self If he fail to pay the specified sum
. 50 stated. the nnrtSagee's right at law at
- once becomes absolute, and he has the
right to take Immediate poss ession OF the
land. He may under the Vermont law.
as stated bV you, maintain an ejectment
! against the mortgagor for non-payment OF
= the mortgage debt IN accordance with its
terms. or he may proceed by way of a
. foreclosure, which is suit in equity. ana
in which. if the n)rtgagce obtain n decree
. in his favor, a time Is fixed within which
= the mortgagor may redeem by paying the
= amount found due by the chancellor. This
= decree is nothing more nor less than 4
Judgment of the court that there is duo
- to the mortgagce a certain sum Of mHley
which has not been paid according to the
d, ,.,', sil,,,,i h,' ~, lTauG.lIn,. o,,as,s tb.
60. ,L. a. ',.,.,,r,~ l.. ,r,.irad i,,.
i,',o,,,,, r,, ,,ar,,,.,,.,' ho,ds tbis -,
,.',,'|,., hiat, We, ,,.,,i,'as In lion M
,t. ,,ar,,,,,, ,nt.... and d.od vhirb ar.
!. filed with the clerk of the court. This de
. 49,, ~ t,i,,.,, -, ,h Tur,
,',e x,,i,,tto, az tb, n.,.od ,x,d fin,
, ,.,,lo,ontio, ~. r,ort,agon in order :,
,., a., itil - ,',,,ir.d ,o Mo ,itI
IL r., il y, t,,o tou.n in winch IN,
u ,,1 H. ,r,tdod ccu,, of mis- dfnree to
, ~ ,. -, ,acorjatiou in mo Ian,
, w ,,,, ',.t. ,,,h,t ;s tho taxntio,
=. ,.n,,t,, '',,1 ,,,o,, ,bts d.rroo II anv
''mS ,.o,, ,re advised thnt am O
,rd so bold mar mo- tuxnrio,
,,'n, tbis decree s convev1ncc
I\thout ha zinc tho iu-t,llmttltS hcfOr