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Title: 3 - Revenue and Finance

Chapter: 12 - Real Property Transfer Tax

Section: 60 - Bankruptcy proceedings

The tax imposed pursuant to this chapter shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment:

A.  Confirmed under the Federal Bankruptcy Act, as amended

B.  Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (in) of Section 205 of Title 11 of the United States Code, as amended

C.  Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of Section 506 of Title 11 of the United States Code, as amended or

D.  Whereby a mere change in identity, form or place of organization is affected. Subdivisions A to D inclusive, shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change.

 

(Ord.68-1 § 6, 1968.)