CeFiALD c. MANN Aunxmu n,,T-n
HonorableCharleyLockhart State Treasurer Austin, Texas
Dear Sir: Attention: '4r. H. Morris Stevens
O$i&n No. O-1052 Re: Constructionof SeneteBill No. 24 by the 46th Legislature,the same beidg ox mmMsient to Artlalc@I@, Reviscd~CivilStatutes.
We are in receiptof your letterof Juxe 27,:,1939, whereinyou request our opinion in responseto two puestioxs,the firstbeingwhether the tax leviedby Senate Bill No. 24, by the 46th Legislature,being ln ~memiment'toArticle7047e,ReviaedCivil Statutes,appliesto renewals of lustrumextsexecutedand filed prior to the effectivedate of the orQ@al~Artlcle 7047c,RevisedCivil Statutes,such date belhg October 30, 1936, and the second of such qq#&qns being whether leixs trkeu by FederalBuildingend Ioa.n'A$sociations umg be,xecordedwithoutbeing stamped.
After providingfor the levy of a'tax of ten cents on eech $lOC~OCor ~ fraction thereof over the first $200.00 &I all notes and obligetioa securedby variouslienswhich are filed.or'rccorded In the offioe of the county clerk,said act provides:
"After'the effectivedate of tJiisAct, except as hereinafter provided;no such instrumentshall be filed or recordedby any CountyClerk In this State until there has been affjxed to such instrumentstamps in accordance with the provisions of this section;providimgfurtherthat should the instrument filed ia the office of the CountyClerk be securityof an obligationthat has propertypledged44 securityia a State or Statesother than Taxes, the tax shall be besed upon the reasonsblecash valizeof 411 propertypledgedIn Texas in the proportionthat said propertyin Texas bears to the tote1 value of the propertysecuringthe obligation;ind, provldiagfurtherthat, except as to rezmmls or extensionsof aocrued,interest, the provisionsof this sectionshall not apply to instrumenta given in renewalor extensionsof Instrumentstheretofore stampedunder the provisionsof this Act or the one HonorableChar&y Lockhart,Page #2 O-1052
amendedhereby,and shall not apply to instrum&z given in the refundingof existingbonds or obligationswhere the precedinginstrumentof securityMS stampedin accordancewith this Act or the one amendedhereby; . . .."
It is noted thst SenateBill Iyo.~ 24 say4 that exceptas provided in such act no such instrumentshall be filed withoutbeing stamped in accordsncewith the provisionof the Aot. Exceptionsare mede 4s to renewalsof instrumentstheretoforestampedunder the provisicnaof said SenateBill No. 24 or thedoneamendedthereby. However,no exceptionis.made 4s to renewalsor extensionsof instruments which has been recordedwithoutbeing stamped. Our affirmativeanswerfollowsto your first,question.
Since we are not preparedto answeryour secondquestionat this time and in view of your need of the lbove~ opinion,YC are availing ourselvesof your suggestionthat you make another. requestfor our opinionin responseto the secondquestion. Pertainingto the secondquestionwe wish that you would write the county clerkwho has suggestedthis questionand get him to sdvft fully the character of the institutional "FederalBuildingand Loan AssocietionsWand also requesthim to lacertsinthe basis upon which such concernsc~lmim the exemption.
Yours vary truly
ATToRNm GEmRAriOF,TExAs
s/. Glenn R. Lewis
By Glenn Ii.Lewis &mist-ant
APFROVED mm 5, 1939 s/U. F. Moore By W. F. Moore (Signed) FIRST ASSISTANTATIORNEXGEXE7AL