Citizens National Bank & Trust Co. v. Tax Commission

By a written agreement of trust with a water company, petitioner became trustee for the issuance of bonds in the sum of $100,000. Real and personal property were pledged as security. The real property, located in Delaware County, was of value of not exceeding $3,200; the rest of the pledged property consisted of stocks and notes. Conveyance of the real property to the trustee was by warranty deed, which recited that the conveyance was in trust for the purposes set forth in the trust agreement.

*723At the time of recording of the deed no mortgage recording tax was paid. The trust agreement itself,…