Ogden Standard-Examiner | 1922-02-10 | Page 4 | Makes Ruling on Promissory Notes

MAKES RULING ON PROMISSORY NOTES SALT LAKF. Feb. 10. That promissory prom-issory notes are Intangible assets and are taxable usually at the domicile of the owner. Is the opinion held by Attorney At-torney General II. H. Cluff In an opinion opin-ion rendered yesterday at tho request of R. E Hammond, secretary of the state hoard of equalization. In certain cer-tain instances It may bo shown that the owner hus a busln- 88 distinct from his residence, and that the notes arc Intimately connected with the business land In those cases thoy would be taxable tax-able at the business situs, where It lexlsts Mr. Cluff holds. In another opinion it is hold that a (receiver should obtain the consent of jthe court before making a loan to 0OV-er 0OV-er the value of a first mortgage, held elsewhere, and in order to protect a second mortgage held by the property of which he Is a receiver. The case came up where a receiver found that the property of which he has control holds a second mortgage. The value ot the mortgaged property Is sufficient to cover both mortgages, but tho receiver re-ceiver flnda himself without current assets. He wanted to know how he I could proceed to protect the Interests of the creditors of the property in his b paying off the first mortgage, and thus protecting thp equity In the mortgaged mort-gaged property, held by him intrust.