Grant v. Oakey

Bell, Presiding Judge.

The controlling factor in this case is not whether the nonexempt transferee of the long-term note secured by real estate, after default in payment but before the exempt State bank exercised the power of sale, was obligated to pay the recording tax imposed by the Intangible Tax Act of 1953, nor is it whether the exercise of the power of sale contained in the security deed, by a transferee from an exempt holder, was barred by nonpayment of the tax under Code Ann. § 92-171. This is true for the reason that, “A transferee of the grantee named in the security deed occupies…