Oklahoma § 68-1908 - Corporate mortgages - Further loans - Additional tax

§ 68-1908. Corporate mortgages - Further loans - Additional tax

In the case of mortgages made by corporations in trust to secure

payments of bonds or obligations issued or to be issued thereafter,

if the total amount of principal indebtedness which under any

contingency may be advanced or accrued, or which may become secured

by any such mortgage which is subject to this article has not been

advanced or secured thereon or become secured thereby before such

mortgage is recorded, it may contain at the end thereof a statement

of the amount which at the time of the execution and delivery

thereof has been advanced or accrued thereon or which is then

secured by such mortgage; thereupon the tax payable on the recording

of the mortgage shall be computed on the basis of the amount so

stated to have been so advanced or accrued thereon, or which is

stated to be secured thereby. Such statement shall thereafter at

all times be binding upon and conclusive against the mortgagee, the

holders of any bonds or obligations secured by such mortgage and all

persons claiming through the mortgagee any interest in the mortgage

or in the mortgaged premises. Whenever a further amount is to be

advanced under the original mortgage, or shall accrue thereon or

become secured thereby, the corporation making such mortgage shall,

at or before the time when such amount is to be advanced, accrues or

becomes secured, file in the office of the county treasurer in the

county where such mortgage has been or is first recorded, a

statement, verified by the secretary, treasurer or other proper

Oklahoma Statutes - Title 68. Revenue and Taxation

officer of said corporation of the amount of principal indebtedness

to be so advanced, accruing or becoming secured, and the tax on such

amount shall become due and payable at the time of filing such

statement. Such additional tax shall be paid to the county

treasurer in the county where such mortgage has been or is first

recorded and a receipt therefor shall be noted in the margin of the

record of such mortgage and if requested a duplicate receipt for

such payment shall also be given to the party paying such tax and

the note of such payment or additional payment or such receipt shall

have the same force and effect as the record of receipt of the tax

which under this article is payable at or before the recording of

the mortgage. If such additional tax is not paid as required by this

section, the trust mortgagee shall not certify any bond or other

obligation issued on account thereof, and the district attorney of

the county in which such mortgage has been or is first recorded may

maintain an action against the corporation making such mortgage to

recover the amount of such tax, with interest at the rate of one

percent (1%) per month from the date when the same became due, and

upon recovering such tax and interest such district attorney shall

pay the same to the county treasurer of such county in satisfaction

of such tax. The corporation making such mortgage or the owner of

the property which secures the mortgage debt shall annually within

thirty (30) days after July 1st, until the maximum amount of

principal indebtedness secured by such mortgage has been advanced,

has accrued or become secured and the tax thereon paid, file in the

office of the county treasurer in the county where such mortgage has

been or is first recorded, a statement, verified by the secretary,

treasurer or other proper

officer of said corporation, of the total amount of principal

indebtedness that has been advanced or has accrued on such mortgage,

or has become secured thereby, prior to the first day of July

preceding the filing of such statement. A failure to file any

statement required by this section within the time required shall

subject the corporation making such mortgage to a penalty of One

Hundred Dollars ($100.00) per day for each day such failure

continues, recoverable by the district attorney of the county in

which such mortgage has been or is first recorded. Provided,

however, that where a mortgage, or deed of trust, is executed to

secure the payment of bonds issued by any domestic railroad,

transportation, transmission or industrial corporation and the money

derived from the sale of said bonds so secured by said mortgage, or

deed of trust, is to be used for the creation, construction,

building, improving and erecting of property that will be subject to

an ad valorem tax in the county where same is situated, there shall

be paid a recording fee on said mortgage, or deed of trust, so

executed for recording said mortgage, or deed of trust, the sum of

twenty-five cents ($0.25) for first folio and ten cents ($0.10) for

Oklahoma Statutes - Title 68. Revenue and Taxation

each additional folio and fifty cents ($0.50) for indexing and

recorder's certificate instead of the fees designated in this

article, and on payment of same shall not be subject to the

penalties prescribed in this article.

Laws 1965, c. 31, § 2.