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BTLG Table of Contents > Sales and Use Tax Annotations > M > 365.0000 Mortgagees and Trustees > Annotation 365.0060

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365.0000 Mortgagees and Trustees

Annotation 365.0060

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365.0060 Transfer to Mortgagee. Where mortgagors of chattels default in payment, and by agreement in lieu of foreclosure, the chattels become the property of the mortgagee, and the chattel mortgage and original notes are canceled, a taxable sale of the chattels occurs. The measure of the tax is the amount by which the parties agree the indebtedness is reduced. 3/16/55.