Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2015
Sales and Use Tax Annotations
365.0000 MORTGAGEES AND TRUSTEES
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.