| OCR Text |
Show SOME LAW POINTS In Relation to the Assessment of Bonds, Mortgagees, and Other Taxable Credits. The increasing wealth and business in Provo during the last two or three years, has considerably augmented the assessment of bonds, mortgages and other taxable credits, so that a few points of the law which rules the taxation tax-ation of this class of property, may be of interest to the public. The city assessment is partly made under statutory enactments by the I.f gislature, and also under "An Ordinance Ordi-nance to Provide Revenue for Provo City," passed by the City Council February Feb-ruary 10, 1885. Section four of said ordinance reads: "Shares of stock in national banks shall be listed and assessed to the shareholders. Shares of stock in corporations cor-porations other than national banks, when th same are taxable, money and taxable bonds shall be listed, assessed as-sessed and the tax levied when the shareholder, moneyholder, or bondholder bond-holder resides in Provo City. Property he'd in trust by an executor, administrator, adminis-trator, or other trustee, shall be listed to such executor, administrator, or other trustee." From this it will seen that bonds or mortgages must be assessed, and the tax paid where the holder resides, regardless re-gardless of where the property is located lo-cated on which the money is loaned. Out of 200 names of persons, in wl.ose favor mortgages are on record, subject on their face to assessment in Provo City, probably one-half are paid; but they are not canceled on the records, as the law provides, and hence the assessor has issued notices to all these taxpayers to call at his fiffice within twenty days to show cause, if any there be, why they should not be assessed with the amounts which stands to their credit on the books. This has been done to g avoid unjust and erroneous assessment. assess-ment. But people make a mistake when they do not have then released mortgages canceled on the records. Part of .section 2641 or the Compiled i Laws of Utah reads as lollows: j "If. the mortgagee fail to discharge ior release any mortgage alter the ! same has been fuily satisfied, he shall be liable to the mortgagor for double the damages resulting from wuch failure'. fail-ure'. Or the mortgagor may bring action ac-tion against the mortgagee to compel the discharge or release of the mortgage, mort-gage, after the same has been satisfied. satis-fied. And the judgment of the court must be, that the mortgagee discharge or release the mortgage and pay the mortgagor the costs of suit, including a reasonable attorney's fee, and all damages resulting from such failure." In addition to these quite serious considerations, is the damaging fact that the uncanceled mortgage hangs as a cloud over the title to the real estate es-tate on which it was given, until properly prop-erly removed as directed in the enactment enact-ment quoted above. |
