1678 LAWS OF MARYLAND. [CH. 912

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 3(c) of Article 81 of the Annotated Code
of Maryland (1939 Edition), title "Revenue and Taxes", sub-
title "Rules of Construction", be and the same is hereby re-
pealed and a new section be and the same is hereby enacted in
lieu thereof, said new section to follow immediately after
Section 3(b) of said Article, to be known as Section 3(c),
and to read as follows:

3(c). The owner of a life estate or other particular free-
hold estate, or term for years perpetually renewable, in real or
personal property shall be treated as the owner of the prop-
erty for purposes of ordinary taxation, and shall be chargeable
with the taxes thereon. The Department is hereby authorized
to determine by regulations in what other class or classes of
cases a person in possession or control, whether as lessee,
'"custodian, consignee, bailee or otherwise, of real or personal
property of any class or classes owned by another person shall
<>r may be treated by the Department or other assessing
authorities as the owner of such property for purposes of
ordinary taxation. A person who, pursuant to such regula-
tions, is treated as the owner of property owned by another
person, shall be chargeable with the taxes thereon, but if such
property is assessed separately from other property of the per-
son so treated as the owner, the collectors may collect the taxes
thereon either from the person so treated as the owner or from
the owner. A person who, under this section or pursuant to
such regulations, is treated as the owner of property owned by
another person and pays the taxes thereon shall, unless other-
wise provided by private contract, express or implied, in fact
or in law, have a right to indemnity from the owner, and, in
the case of tangible personal property, a lien thereon for such
taxes while it remains in his possession or control.

SEC. 2. And fie it further enacted, That Section 6(5) of
Article 81 of the Annotated Code of Maryland (1939 Edition),
title "Revenue and Taxes" sub-title "What Shall Be Taxed
and Where", be and the same is hereby repealed.

SEC. 3. And fie it further enacted, That Sections 7(14) and
7(26) of Article 81 of the Annotated Code of Maryland (1939
Edition), title "Revenue and Taxes", sub-title "What Shall
Be Taxed and Where", be and the same are hereby repealed
and re-enacted, with amendments, to read as follows:

7(14). Tangible personal property of any domestic cor-
poration having a capital stock divided into shares or any
national bank located in this State, if the shares of stock of
such corporation are subject to taxation under the laws of