The Montgomery advertiser., 1907-03-16

Section l. Be 1t enacted by the Leg fslnture of Alabama. That subdivision . Of Section 3s11 of the Code of Ala barna as amended by an Act of the Leg fslature of Alabama entitled An Act to better provide for the revenue of the State" approved March 4th, 1903, be amended so as to read as follows: z. A. That no mortgage, deed of trust contract of conditionai saie, or otter instrument In the nature of q mortgage, which is given to se- cure the payment of any debt which such mortgage, deed or trust contEac. of conditional sale or other instrument of like character shall be executed so Ss to convey real property or any interest fn real property or personal property which Is situated within this State, shall he received for recoi unless the follow ing privilege taxes shall have been paid upon such instrument before the same shall be offered for record to wit: Upon all such instruments whicn are execut- ed n secure any indebtedness which shall not exceed one hundred dollars, there shall be paid the sum of fifteen cents and upon all such instruments which shall be executed to secure an Indebtedness of more thaA one hundreo dollars there shall be paid the sum or fifteen cents for each one hundred dol lars of said indebtedness or portion
 
 gage, deed of trust, contract or condit- ional sale, or other instrument of ike character to be paid for by the lender. B That upon filing for record of such mortgage, deed of trust, contract or conditional sale or other instrument or like character the person to whom the same shall be made payable or his agent shall present the said instrument to the fudge of Probate of the County within which the property conveyed thereby or any part thereof Is situated, and shall pay to the probate judge the amount of the tax required under this Act to be paid upon such mortgag>, deed of trust, contract of conditional sale, or other instrument of like char acter and upon such payment the pro- bate judge or his clerk shall certify on said mortgage, deed of trust, contract of conditional sale or other instrument of like character the fact that the said tax has been paid, and when so certffi- ed by the probate judge or his clerk such instrument shall be admitted to record in any county wherein any of the property mentioned in said instrument Is situated, without the payment of any further tax thereon except the fee or the probate judge for recording such Instrument, and such certificate of the probate judge shall be recorded by said probate judge when such instrument Is recorded The tax herein provided for shall be paid upon all contracts for the Sale of real or personal property whether the same be in nature of a conditional sale or bond for title and no such contract shall be received for record until such tax shall have been paid c. That when the time for the payment of the indebtedness secur- ca by any such mortgage, deed of trust, contract of conditional sale, or other H1.a sv. hn no nf mort is executed or renewed, and the exten- sion or renewal contract is offered for record the tax required in this Act shall be paid on the amount of the indebt- euness so extended or renewed; and the same shall be governed in all respects by the provision of this Act" D. There shall be no advalorem tax collected up- secured thereby, which shall have paid the tax prescribed by this Act, either State, county or municipal" E. 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 taxes are collected one third of the amount so collected by him to be accounted for by him, and the remaining two-thirds of said ann ount collected by the probate judge shall be paid by him to the State Treas urer The probate judge shall receive Hve per centum of the amounts collect ed by him as compensation for his ser vices in collecting said money and cer- fifying said instrument, said five per rentum to be retained by him out of the moneys collected by him under this Act. Provided, that when the property described in said instrument is situat- ed in different counties within this state. then the probate judge who col lects said taxes shall pay over the ann . SAn f0 he County Treasurer of each of the differ ent counties in which said property is situated an amount of said taxes that will be in proportion to the value of the property therein as compared with the value of the whole property within this State described In said instrument P. Any probate judge who shall file foi record or shall record, any such instru. ment without the same having beer certified by the probate judge as pro yided by this Act. shall be guilty of 2 misdemeanor and on conviction be fined not less than ten or more than ont hundred dollars. c. If any part of the property embraced or described in any instrument which is required under thi. Act to pay record privilege tax Is To, cated without tlis State, the indebted
 ness upon which the tax shall be paiC for the privilege of recording such in. etrument shall be that proportion oi the property located in this state beari 10 the value of the whole property de
 scribed in the instrument. The Stat, Board of compromise shall have tho the power to ascertain the value of thu whole property and of that part of f
 which is located within this State fol the purpose of ascertaining the amour
 of the Indebtedness upon which saiC tax shall be paid, And the value of tha
 part of the property located within this tate and the amount of the in
 debtedness upon which such tax shal be paid shall be ascertained in the fol
 lowing manner; First. The owner O any such instrument or his agent O.
 attorney may petition the State Boart of Compromise to ascertain the value O the whole property and of that part o 1t which is located within this Stat
 and the amount of the indebtedness up on which such tax shall be paid, an, said Board or Compromise after hearing such evidence as may be offered shal fix and determine the value of that par of the property located within thi State and the amount of the indebted ness upon which the tax shall be paid and shall indorse ffs findings on sue
 instrument, and upon the presentation of said instrument, with such endorse
 raent, to the probate judge of the Coun
 -y in which any part of the proper ty is located, such indorsement, upo
 payment of the tax upon the amount o such indebtedness as so ascertained b, said Board of Compromise and of tn
 recording fees of the probate judge; ol Second. The owner of any such instru ment or his agent or attorney may hay
 such instrument recorded by paying t
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