The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1911-07-15


torneys and others in this city. 1t is
given under the heading. AN act t 0
provide Tor the assessment and the col
lection of a specific tax upon the class
OF credits founded upon aud evidenced
by mortgages and liens upon real pro.
perry, and to repeal all acts and parts
OF acts in contravention thereto.
Section l. For the purpose Of this
act all Indebtedness secured by liens
upon real property shall constitute tnat
class Of credit upon which this act i'm
poses a specific tax. The word mort
gage as used herein shall include
every mortgage or other instrument by
which lien Is created over or impos-
ed upon real property. Notwithstanding
II may also be lien uDon other pro
perty, or there may be other security
for the debt. and shall also include ex.
ecutory contracts tor the sale OF real
property, and deeds or other instru-
ments that are given TO secure debts.
Section 2. A tax of fifty cents for
each one hundred dollars and each re-
naming major fraction thereof Of the
principal debt o. obligation which is.
or under any contingency may be, Sc
cured by mortgage upon real proper
IS situated within this state recorded
on or after the first day OF January.
nineteen hundred twelve, il hereby
imposed on each such mortgage. and
shall be collected and paid as herein
after provided Provided, that no tax
shall be imposed upon any debt or OBJ
legation which is. or under any con
tingency may be, secured by mort
gage upon such real estate as shall be
owned and occupied by library, arm
orJl benevolent, charitable, education
al and scientific institutions. incorpor-
ated under the laws Of this state, with
the buildings and other property there
on while occupied by them solely for
the purposes for which they were in.
corporated Provided that such ex-
emption shall not apply to fraternal or
secret societies, but all charitable
homes of such societies shall be ex-
empt Provided further, that no tax,
shall be imposed upon any debt or OLD
legation which is, or under any con-
tingency may be, secured by mort
gage upon any house of public wor-
ship with the land on which il stands,
the furniture therein and all rights in
the pews, and upon any parsonage
owned by any religious society OF this
state and occupied as such which such
mortgage is recorded on or after the
first day of January nineteen hundred
twelve provided further, no tax shall
be imposed upon any building and.loan
mortgage. The tax imposed by this
section shall be in addition to the re.
cording fee now provided tor by law.
Section 3 The tax imposed by
this act shall be paid to and collected
by the treasurer of the county where
such mortgage is FIRST presented for
record
Section 4, II the mortgage snail
cover and describe real property stu
ated partly within and partly without
this state, then the said mortgage shall
contain Immediately after such separ.
ate description Of real property, a
statement Of the value of the said pro-
perty set forth in such separate des.
cription The mortgagor shall take
oath, which may be administered in
the acknowledgment of said mortgage
that the several values placed upon the
several descriptions are the true values
thereof, TO the best of his knowledge
and belief, and for wilful misstate-
ment Of any such values he shall be
deemed guilty OF perjury. When the
real property covered 10y said mortgage
is located partly within this state ard
partly without this state, the board OF
state tax commissioners shall be noti-
fed thereof by the county treasurer 10
whom said mortgage is first presented
in this state and 10 shall be the duty
OF said board of state tax commission
ers to determine what proportion shall
be taxable under this act by deterrnin-
ing the relative value OF the murtgaged
property within this state AS compared
with the total.value of the entire mort
gagged property. taking into uonsidera-
ton In so doing the amount of all prior
membranes upon such property or
any portion thereof.
Section 8. In case of mortgages
made in trust to secure payment OF
bonds or obligations issued or to be
issued thereafter. II only partial a.
mount OF the indebtedness has been ad 3
vanced thereon at the time of presen-
tation for record such mortgage shall,
i at the end thereof. contain a sworn