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Business Taxes Law Guide—Revision 2024
Sales and Use Tax Annotations
A B C D E F G H I J L M N O P R S T U V W X
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365.0000 Mortgagees and Trustees
Annotation 365.0020
365.0020 Mortgage. Civil Code section 2924 providing that a transfer of property given only to secure an act is a mortgage applies to personal property as well as realty. A mortgage gives the mortgagee only a lien interest and is insufficient to constitute a sale under section 6006. Accordingly, when ataxpayer contracted to transfer property in tools and dies until an advance of money was repaid, and the creditor was to return title and ownership upon repayment by bill of sale, the transaction constituted a mortgage not subject to tax. 10/29/64.