Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1903-06-25

by a nonresident. But under the pro-
visions of the new law, a mortgage on
taxable real estate in this state tex
cept in the cases already mentlonedJ
is no longer treated as personal prop
erty. but is declared to be an interest
in the real estate subject to such
mortgage and to be taxable as such IN
terest in the district in which the
mortgaged premises are located. NO
distinction is made in this respect De-
tween mortgages held by residents
and mortgages held by non-residents.
The language of the statute is sur
ficiently comprehensive to apply 10
both classes of mortgages. The valid
ity of a statute which thus includes
mortgages held by non-residents seems
to be affirmed by the decision OF the
United States supreme court in the
case of Savings & Loan Society VS..
Multnomah Co., 169 U. S., 421, as to
mortgages executed subsequent to the
enactment of such statute. There is
some question whether the law should
cages held by non-residents which
were executed before the law took ef-
feet The question, however, is one
affecting the private rights of the par
ties to the mortgage rather than the
public. If assessors should treat the
law as applicable to such mortgages
and assess them as interests in the
mortgaged real estate the rights OF
the parties would not be concluded by
such action on their part. Whether
assessors do this or not is not mat
ter of public Importance, for the same
aggregate valuation will appear upon
the assessment rolls in either case.
This will be understood more clearly
later on in this discussion.
From the foregoing it may be seen
that the changes accomplished by the
new law relate to mortgages on tax
able real estate in this state which I'M
der the former law were subject to
assessment as personal property in the
assessment district in which the mort
gagee resided, and also to mortgages
on such real estate held by non-resi-
dents of the state, if not otherwise ex-
empt under former provisions of law.
AS 20 all other mortgages the former
laws remain unchanged. In the discus
sion which follows, the word mort
gage will be understood to refer to
such mortgages as are subject to the
special method of assessment provid-
ed in the act of 1908 unless contrary
meaning is indicated with the use of
the word.
"One of the questions presented I'M
der this and other provisions of the
act, is whether the interest of the
mortgage must be separately assessed
in every case where the mortgagor
does not exercise the option given him
in section 9, by requesting or consent
ing to the assessment of both interests
together. 1t is observed that the pro-
/ vision for separate assessment in
section is permissive, not mandatory
in form, the word may instead of shall
being used; also that the provision III
section 3 for assessment Of both in
| leFeSCS together is LII ike manner per
missive and not mandatory in form. 1t
is considered, however, that this form
of statement is not to be construed as
vesting in the assessor any discretion
airy authority to determine whether or
not separate assessment shall be
made. To do SO would make it posi-
Bile to defeat the evident intention of
the legislature to permit the mortga-
gor to determine whether the two in
terests shall be assessed separately
or togther. Otherwise he would have
no option 1t is well settled rule
that the word may is to be construed
as meaning must or shall when neces-
sary to accomplish the intent of the
Legislature as gathered from the pro-
visions of the act, all of them being
considered, or when necessary to save
or secure the rights of persons which
may be affected or prejudiced under a
different construction"