The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-07-14
Houehton Department

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the treasurer of the county where
such mortgage is first presented for
record.
Property in Two States.
Section 4. II the mortgage shall
cover and describe real property sit
uated partly within and partly with
out this state, then the said mortgage
shall contain Immediately after such
separate description OF real property,
a statement OF the value of the said
property set forth In such separate
description. The mortgagor shall take
oath, which may be administered In
the Acknowledgement of said mort
gage, that the several values placed
upon the several descriptions are the
true values thereof TO the best OF his
knowledge and belief. and for viii
ul msstatemont of any such values
le shall be deemed guilty of perjury.
when the real property covered by
said mortgage is located partly within
AilAH FAtAt' anu lAA ~ NANtANNN NAAa'
state. the board of state tax commits
siuners shall be- notified thereof by
the county treasurer 10 whom said
mortgage Is first presented I'm this |
state and il shall be the duty of said /
board of state tax commissioners To /
determine what proportion shall be
taxable under this act, by determining /
the relative value of the mortgaged /
property within this state as compar- !,
ed with the total value of the entire
mortgaged property taking into con-
sideration in so doing the amount Of
all prior membranes upon such
property or any portion thereof.
Mortgages Made in Trust.
Section .. In case Of mortgages
made In trust To secure payment of
bonds or obligations issued or to be
issued thereafter if only a partial
amount OF the Indebtedness has been
advanced thereon AT the time of pre-
sentation for record such mortgage
shall, at the end thereof, contain
sworn statement Of the amounts ad-
lanced thereon and secured thereby
and the tax herein provided shall be
computed on that basis.
Mortgages Now in Force.
Section 6. The owner OF any mort
ggae which is now. or which may be
recorded before this act takes effect,
may present to the county treasurer
Of the county in which said property
is situated an affidavit setting forth
the mortgage and the place of record
thereof ana the amount of principal
secured thereby which is unpaid and
may pay a like tax OF one-half of one !
per cent upon such amount, and there
after said mortgage for the purpose of
taxation is To be considered and treat
FL the same as other mortgages pro- q
.ided for in this act.
County Treasurer TO Collect. n
Section Z. The county treasurer hi
shall keep a separate account of said
specific taxes collected by. him and
shall on the first day of each month, ,
transmit 10 the state treasurer one II,
ialf of the moneys in his possession g
belonging to that account, and the 81
county treasurer shall credit to the n
General fund of the county, the spe- (,
ihc taxes collected by him as afore- u
aid. !,
Section 8. No mortgage or land
outract, which is subject to the tax nj
imposed by this act shall be released. +,
H'orced, discharged of record or re- +,
70. cd in evidence in any action or a
proceeding at law or in equity. nor r,
NAH any assignment of or agreement ol
Intending any such mortgage or land "a,
ontract be recorded until the tax i'm Iot