Case Information
*1 Honorable Charley Lookhart
Stats Treasurer
Aua tin, Tars u
Ucer Xr. Lockhflrt I Attenthr.: Xr. ii,. I.:Ol’X’lG ateVen G-2l.80 t;o.
Gplnion bank iA Ilet; DOeU 8 lil!ititHltll liquidation have the SULN? leGa statue a6 e llvvl f!ational bmk 80 OD to ex- empt tho doede of trust thereof fro,% tho tex yrs- vidsd by iirtlcle 7047e tla ti:smded b2 2, ;E. 21+, 46th Lo~,:islsture?
#!e bee, to aoknowledga raouipt of yxr letter of April 4, 194.0, rubmitt&& for c ieghl opinion the r0ii0iag oe8et
“ThC Liquid,atin@ Qent for tha State Rstiane;l Sxkiak of ;an Anton&o, Tsxrre, whioh is in voluntary llquido- tion, wfshee to file for reoord 8.
dew3 of trust exeoutsd by the PC& II. IXallwag Cumpsi~g given in renewal and rxtenslon of n note for $215,GGO.O0 payable to the State Katisnal B8nk. The .origl.nal dead of trust was first In 1923; the lset iLlad for moord r,enawal artenalon was filed in 1933. Would a Nationel Bank in liquidation hnvq the same legal otatua am a live ~qtlonal. bank 80 an to exempt the *farerasntlonsd instrument fr~mthe tax provided by Art1016 7047-e‘ il. A.
0, a,, aa e&ended by Senate i3111 ntm- bar 24, 46th Le~gisl.srtu.re.~ *2 honorable Gharlay Lockhart-yphcc 2
Netl~~al banking: aasoolatixis, 88 lnatruw-i- t,aalitl.e# of the Zederal ~overnmunt, nre exomptad frza the etamp tax lmyoaed by L, N, 24, 46th icgiolctur~, regulnr sseelon (Artiole 7U+5e Vernoa*a AnnotateA . ..ivil c;tatuter). This exmption is as broad as the nuce:dty for reglatratlon of mmrttgne,e or l&n is broad, and cx- ista in all aat-.,a where the dosooiatlon finds it neoes- mry, or thlnU it proper to raelater or rcoord the ih- strumeat.
The faot, therefore, thet the aseooiatlan la Ln tho proosas of 1lquldatl:~n aan mnke no dlffcrence. The feat that an assoolation la insolvent, or even actual- ly in the process of llquidatlon, does not dissolve the oorporate sxletande. It la et111 sn lnoorporatad aaao- olatlon. (~3ee Hoes ;uo,iy,oe Oil Co. vs. ;;tate of Texas; deofdsd by the i;otirt of Civil Appeala Sor the ‘i’hlrd Ule- trlot, end not SE yet reported).
Your5 very truly 0010 tipear AseletaAt