The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-02
New Provision Of Revenue Law
Of Great interest,"
WILL Be A MONEY RAISER
1t is Said the Clause Was Intended to
Protect the Home Money Lender
Who Has Heretofore Been
At a Disadvantage.

Montgomery, March 1.--(Special) - The
general revenue bill passed by the Ala
bama legislature yesterday contains one
provision which is regarded as by far the
most important revenue innovation pro-
posed in Alabama since the enactment OF
the back tax law during the session OF
1867 This is tax on all real estate
mortgages as a class by themselves. The
proposed section of the bill levies, in the
shape of fee to be paid when the mort
gage is recorded. q tax or 10 cents on
every real estate mortgage under 500
and 10 cents for every additional 500.
This is in lieu of the tax now levied on
such mortgages under the name and guise
of solvent credits. Mortgages which have
not paid the fee are made invalid.
1t is the consensus of opinion among the
tax officers who have studied the matter
that, Notwithstanding the lower tax and
| Notwithstanding it is paid only once.
though the mortgage may for long
term of years, the receipts to both the
| state and county treasures will be largely
| enhanced and that it will prove the best
revenue getter devised since the back tax
1
vision is backed up by wealthy citizens
| generally who have money to lend, who
| do not desire to perjure themselves who
are above lodging and who are now ham
dicapped by inability to compete with the
foreign lender The banks who take real
estate securities have made no objection
so far as known.
The Mortgas, Section.
The section of the revenue code as il
passed the house is as follows:
THAT subdivision of section 3911 of
the code be and the same is hereby
amended SO as to read as follows:
THAT on and after the first day of
October, 1903, no mortgage. deed of trust
or other instrument In the nature of a
mortgage which is given to secure the
payment of any debt, which such mort
gage, deed of trust or other instrument
of like character shall be executed so as
4 to convey real property or any interest
in real property which is situated within
this state, shall be valid or shall be re
ceived for record unless the following
privilege taxes shall have been paid
upon said instrument before the same
shall be offered for record, to-wit; Upon
all such instruments which are executed
to secure indebtedness, which shall not
exceed 500 there shall be paid the sum
of 10 cents and upon all such Instruments
which shall be executed to secure an in
debtedness of more than $100 there shall
be paid the sum of 10 cents for each 500
of said Indebtedness or portion thereof
which is secured by said mortgage deed
of trust or other instrument of like char
acter, to be paid for by the lender.
Shall Pay to Probate Judge.
THAT upon the filing for record of such
mortgage, deed of trust or other instru-
ment of like character, the person to
whom the same shall be made payable
or his agent, shall present the said in
strument to the probate Judge of the
county within which the property con-
veyed thereby, or a material portion
thereof, is situated, and shall pay to the
probate judge the amount of the tax re-
quired under this act to be paid upon
such mortgage or deed of trust or other
instrument of like character, and upon
such payment the probate judge or his
clerk shall certify on said mortgage,
deed of trust or other instrument of like
character the fact that the said tax has
been paid, and when certified by the
probate judge or his clerk such instru-
ment shall be admitted to record in any
county wherein any OF the property meIi-
toned in said instrument is situated
without the payment of any further tax
thereon, except the fee of the probate
judge for recording such instrument and
such certificate of the probate judge shall
be recorded by the probate judge when
such instrument is recorded.
No Other Tax Collected.
There shall be no other tax collected
upon any such instrument which shall
have paid the tax prescribed in this act,
either state, county or municipal.
"Of the taxes collected by the probate
Judge under this act, there shall be paid
to the county treasurer of the county in
which such tax is collected one-third
of the amount so collected by him, to be
accounted for by said county treasurer
as other taxes are accounted for by him.
and the remaining two-thirds of said
amounts collected by the probate judge
shall be paid 10y him to the state treas
urer. The probate judge shall receive 8
percentum of the amounts collected by
him as compensation for his services In
collecting said money and certifying said
instrument, said per centum to be re-
tanned by him out of the money collect
ed by him under this act.
ANY probate judge who shall file for
record or shall record any such insuu-
ment without the same having been GER
titled by him, as provided by this act,
shall be guilty Of a misdemeanor and
shall be fined. on conviction. not less
than $40 nor more than 800"