OFFICE OF THE ATTORNEY GENERAL OF TEXAS AUSTIN Honorable Charley Lockhart State Treasurer Autin, Texas Dear Sir: In yoLr letter 1940, you request our opinion as to whether of trust executed by the Fort Worth Ca the payment of en indebtednessto Ethe Lena Evans Callier as evidenced by a sum of $25,850.00, due two years a under the provi- sions of Artic tatutes, in order to be recorded ty clerk. You also advise us formed is to maintain ma 1 military education, al stook, said Article rein otherwise provided levied and assessed a tax of on each One Hundred ($100.00) instruments of a similar nature which are filed or recorded in'the office of the County Clerk under the Registration Laws of this State; provided that no tax shall be levied on instru- ments securing en amount of Two Hundred ($200.00) Dollars, or less. After the effective date of this Act, except as hereinafter provided, no such instrument shall be filed or recorded by Honorable Charley Lo&hart, page 2 any County Clerk in this State until there has bean artma to suoh instrument stenppa in aceordemo8with the provisions of this eaotloq proriding further that should the ln6trument flled in the oriioa of the County Clerk be saourity of an obllgatlon that has property pledged as aeourity in a Stats or States Other than Texas, the taX nha.l.1 be based upon the reasonable cash talus of all property pladgrd in Texas in the proportion that said property in Texas bears to tho total ralus or the property asouring the obligationi and, providing further that, eroopt as to re- nowala or srtondons or aoarued intorest, the provisions of thle aratlon shall not apply to lnstrumants glron in rsnawal or axtsnslon of .lnstrumantstherotoforartamped uodrr the pro& rls$o~ oi thl8 Aot or the one amend06 hereby, and shall not apply to instruments &ran in thsrefunding of sxistlng bond6 or obllgatlons where ths preordlng instrumant of eaourlty was stamped in aooordanoewith this Aot or the ona amsndod hareby provided further that the tax lerlad in this Aet ahall apply t+aonly one in-* strumant, the bna ot the greatest denomination, whara sararal lnstrumsntrara aontamporanoously axrouted ta 800ure ona obllgation$.andprovided fgrth8r that uhon on00 6t4dp.d u provided herein, an instrument may be moor686 in any number of aountloe In thl8 Stak wlthout'a&n being so stampsd. ,Thlssootlon shall not ap- ply to instrwmnta, notes, or other oblLgatlone taken by or on behalf of the UnItad States or of the Stats or Texas, or any oorporata lgsnoy or lnstrumantalltyof tha United States, or o? the State of Tsxar in oarrying,out a worn- mental purp864 a6 8xpre8aod ln any A0& of the Con- grass of the Unlted States or or the Lagislatura or ths Stats or Texas, nor shall the provic~lon`` of this seotlon lp ly to obligations or lnatru- ments aeoured by s an6 on orops and farm or agrioulturalprodusts, or to llraatook'or iana implamants,or an abrtrast of Wgcwnt. Honorable CharleyLoakhart, page 3 You have attached to your reqwat for our opLnion a letter addreseed to the county olerk of Tarrant County from the president Of the Fort worth Cavalry Club urging that the deed oftrustneod not be rtaa&ml on tba theory that tb maker of tha dud of trust la a e&&a~lltary organlzatlonand la tiheroforolx a nprrom t . In our rlew of this matter it la wmeoessalrp to oon6ldor the queetlon a6 to wbet&er t& Fort Worth Cavalry Club and it8 properties are exempt from taxation. Ihe tax brie4 by Artlola 704%. 18 neltbr agalmt the maker of tha dud oi trust nor upon the property oovdlyd Tb# ~-~OOrdiag t7.f ?ihO da ai tXW8t ir ?W th0 %i$?*or the holder of the notieand it 1s oontemplatod b the statute t&atsuohben~lelary or the daodoottr~t do uld pay the taxi Manlfutly au&i obligation otit be mlYeoted by the bwlnoss arrangamnts between 6uoh bum~lolary and tho ulcer who might not be re~ulxad to rtaqp a dud of trwf held by him, for suoh m&orto pre- stmt3ae lnetrwent for reoordlng.our -to your question la that the 68@d of trust should be stanpad bc fora it 18 aooepto4 by the oounty olerlctor reoordlng. Your6 very truly ATTOBNB!f OBNXRAL OF TEXIS BY (dsn.~I) QlonnR.Lsnir t4ulrtaat APPRomDt FBB, lb, 1040 oomld 0.’Maan Attornrg cleneralor Text36 Opinloa oommlttu By 8. 8. B. ohalrmall