WILLIAM DONALD SCHAEFER, Governor

(II) IS EXECUTED WITHIN 30 DAYS OF THE

EXECUTION OF THE DEED TRANSFERRING THE PROPERTY, AND RECORDED ON
THE SAME DATE AS THE DEED TRANSFERRING THE PROPERTY.

12-108.

(i) (1) IN THIS SUBSECTION, "PURCHASE MONEY MORTGAGE" OR
"PURCHASE MONEY DEED OF TRUST" MEANS A MORTGAGE OR DEED OF TRUST
THAT:

(I)  IS GIVEN BY THE TRANSFEREE OF REAL PROPERTY
WITH RESPECT TO THE PROPERTY PURCHASED;

(II)  IS - DELIVERED AS PART OF THE SAME
TRANSACTION AS THE INSTRUMENT OF WRITING THAT TRANSFERS THE
PROPERTY PURCHASED AND THAT IS SUBJECT TO THE RECORDATION TAX;

(III)  RECITES ON ITS FACE THAT IT SECURES, IN
WHOLE OR IN PART, THE PURCHASE MONEY FOR THE PROPERTY OR
OTHERWISE RECITES ON ITS FACE THAT IT IS A PURCHASE MONEY
MORTGAGE OR PURCHASE MONEY DEED OF TRUST;

(IV)  IS FULLY EXECUTED WITHIN 30 DAYS OF THE
DATE THAT THE INSTRUMENT OF WRITING TRANSFERRING THE PROPERTY IS
DELIVERED FULLY EXECUTED; AND

(V)  IS RECORDED WITHIN 30 DAYS OF THE DATE THAT
THE INSTRUMENT OF WRITING TRANSFERRING THE PROPERTY IS RECORDED

NOT LATER THAN 30 DAYS AFTER THE DATE THAT THE INSTRUMENT OF
WRITING TRANSFERRING THE PROPERTY IS FULLY EXECUTED.

(2) A purchase money mortgage or a purchase money
deed of trust is not subject to recordation tax.

(3) FOR PURPOSES OF THIS SUBSECTION, THE DATE OF
DELIVERY OF AN INSTRUMENT OF WRITING IS THE DATE STATED AS THE

DATE OF DELIVERY IN THE INSTRUMENT OF WRITING. THE DATE OF

DELIVERY MAY BE INSERTED BY AN AGENT OR ATTORNEY IN FACT OF THE
PERSON OR ENTITY EXECUTING THE INSTRUMENT OF WRITING BEFORE, ON,
OR AFTER THE DATE OF EXECUTION OR LAST ACKNOWLEDGMENT CONTAINED
IN THE INSTRUMENT OF WRITING.

SECTION 3. 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1989 and shall be applicable to all
transfers of property on or after July 1, 1989 instruments
relating to transfers of real property occurring after June 30,
1989.

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