Application of New Law to Older (49) Whenever any mortgage has been recorded prior to July 1, 1913, the record owner thereof may file with the county treasurer of the county, or of any county in which said real property or any part thereof on which which said mortgage is a lien, is situated, a written statement under oath, verified by the record owner or the agent or officer of such record owner, describing such mortgage by giving the date of the same and the book and page of the record thereof, together with names of the parties thereto, and specifying the amount then remaining unpaid on the debt or obligation secured thereby, and electing that it shall become subject to the tax prescribed by this article, said indebtedness shall thereby be exempt from any and all other forms of taxation in the manner and to the same effect as mortgages on which the recording tax has been paid on or after July 1, 1913, by the payment of the tax hereby provided on the unpaid portion of said indebtedness. Any mortgage executed prior to July 1, 1913, may be recorded at any time upon payment of the recording tax herein provided for, and shall be thereafter exempt from other taxes as herein provided. Before any such mortgages shall be entitled to record, or any mortgage so heretofore recorded shall be entitled to be exempt from all taxes except such recording tax, the owner of said mortgage, its officer or agent, shall present such mortgage to the county treasurer of the county, or of any county in which said land or any part thereof described in said mortgage is situated, and shall pay to said county treasurer the recording tax herein provided for, and said mortgage shall be endorsed by said county treasurer with the amount paid thereon, and in case of a mortgage heretofore recorded that has been lost, or destroyed, said county treasurer shall issue a receipt for such recording tax so paid, and upon presentation of said mortgage so endorsed to the register of deeds of any county in this state where said land or any part thereof is situated, said mortgage shall be filed for record and recorded, together with the endorsement of the county treasurer thereon showing the payment of such tax. If said mortgage has already been recorded, the register of deeds upon presentation of said original mortgage so recorded, endorsed with the receipt of the county treasurer, or in case of the loss of said mortgage, the receipt given by the county treasurer for the payment of said tax, said register of deeds shall endorse the amount of the tax so paid upon the margin of the record where said mortgage is recorded. In case of mortgages recorded prior to July 1, 1913, on which the recording tax has been paid, under the provisions of this article, the register of deeds shall be entitled to collect an additional fee of twenty-five cents (25c) for recording the receipt of the payment of said special tax on the margin thereof, to be accounted for as other fees received by said officer. No additional fee shall be charged by either the county treasurer or the register of deeds for collecting said recording tax or recording such mortgages so endorsed. The endorsement of the amount of said tax duly attested by the signature of the county treasurer upon said mortgage, or said separate receipt of the county treasurer, shall be conclusive evidence of the payment of such tax and the recorded copy of such mortgage showing such payment shall be likewise conclusive evidence of the payment of such tax of equal authenticity and validity as the original receipt. History. Session Laws Okla. 1913, chap. 246, sec. 5, p. 686. Recording Supplemental Instruments or Mortgages-Procedure. (50) If subsequent to the recording of a mortgage on which all taxes, if any, accrued under this article have been paid, a supplemental instrument. or mortgage is recorded for the purpose of correcting or perfecting any recorded mortgage, or pursuant to some provision or covenant therein, or an additional mortgage is recorded imposing the lien thereof upon property not originally covered by or not described in such recorded primary mortgage for the purpose of securing the principal indebtedness which is, or under any contingency may be, secured by such recorded primary mortgage, such additional instrument or mortgage shall not be subject to taxation under this article, unless it creates or secures a new or further indebtedness or obligation other than the principal indebtedness or obligation secured by or which under any contingency may be secured by the recorded primary mortgage, in which case a tax is imposed on such new or further indebtedness or obligation as heretofore provided in section 4 of this act, and shall be paid to the county treasurer before the time such instrument or additional mortgage is recorded. If, at the time of recording such instrument, or additional mortgage, any exemption is claimed under this section, there shall be filed with the county treasurer and preserved in his office a statement under oath of the facts on which such claim for exemption is based. The determination of the county treasurer upon the question of exemption shall be reviewable on appeal to the county court under the same procedure as appeals from the county commissioners to the district court. History. Session Laws Okla. 1913, chap. 246, sec. 6, p. 687. Mortgages for Indefinite Amounts or for Contract Obligation. (51) If the principal indebtedness secured or which by any contingency may be secured by a mortgage is not determinable from the terms of the mortgage, or if a mortgage is given to secure the performance by the mortgagor, or of any other person, of a contract obligation other than the payment of a specific sum of money and the maximum amount secured or which by any contingency may be secured by the mortgage is not expressed therein, such mortgage shall be taxable upon the value of the property covered by the mortgage, which shall be determined by the county treasurer to whom such mortgage is presented for taxation, unless at the time of presenting such mortgage for taxation the owner thereof shall file with the county treasurer a sworn statement of the maximum amount secured by the mortgage. If such maximum amount is expressed in the mortgage or in a sworn statement filed as required by this section, such amount shall be the basis for assessing the tax imposed by this article. The statement filed by the owner of a mortgage pursuant to this section shall thereafter at all times be binding upon and conclusive against such owner, the holders of any bonds or obligations secured by such mortgage and all persons claiming through the mortgagee any interest in the mortgage or the mortgaged premises. If the maximum amount secured or which by any contingency may be secured by the mortgage is not expressed in the mortgage or in a sworn statement so authorized by this section, the county treasurer at the time such mortgage is offered for taxation may require the mortgagor or mortgagee to furnish him with proofs as to such facts as he deems necessary for the purpose of computing the value of the property covered by the mortgage, and such proofs shall be preserved in his office. His determination as to the basis for computing the tax on such mortgage shall be subject to review on appeal to the county court under the same procedure as cases appealed from the county commissioners to the district court. History. Session Laws Okla. 1913, chap. 246, sec. 7, p. 688. Payment of Tax a Prerequisite to (52) No mortgage of real property shall be recorded by any register of deeds unless there shall be paid the tax imposed by and as in this article provided. No mortgage of real property which is subject to the taxes imposed by this article shall be released, discharged of record or received in evidence in any action or proceedings, nor shall any assignment of or agreement extending any such mortgage be recorded unless the taxes imposed thereon by this article shall have been paid as provided in this article. No judgment or final order in any action or proceeding shall be made for the foreclosure or enforcement of any mortgage which is subject to the taxes imposed by this article or of any debt or obligation secured by or which secures any such mortgage unless the taxes imposed thereon by this article shall have been paid as provided in this article. History. Session Laws Okla. 1913, chap. 246, sec. 8, p. 689. Mortgages and Deeds of Trust by (53) In the case of mortgages made by corporations in trust to secure payment 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 accrue, 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 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 |