Ga. Comp. R. & Regs. R. 560-11-8-.06 - Additional Advance

(1) In the case of a new note or a modification of a preexisting note, representing an additional extension of credit to be secured by a previously recorded instrument which otherwise requires no further recording, the intangible tax is determined according to the terms of the new note.

(2) In lieu of recording a new or amended security instrument, the holder of the note may elect alternatively to execute an affidavit setting forth the amount of the additional advance, in words and figures, and the correct date on which the additional advance falls due, and the page and book of the previously recorded instrument.

(3) The collecting officer of the county where the tax was first paid shall collect the intangible recording tax due and shall enter upon or attach to the affidavit the certificate that the intangible recording tax has been paid, the date, and the amount of the tax, and such affidavit shall be recorded and attached to the previously recorded instrument.

Notes

Ga. Comp. R. & Regs. R. 560-11-8-.06

O.C.G.A. Sec. 48-6-62(b).

Original Rule entitled "Additional Advance" adopted. F. Jun. 17, 1996; eff. July 7, 1996.