3.16.060 Tax inapplicable to instruments and writings taken in lieu of foreclosure.

Any tax imposed pursuant to this chapter shall not apply to any deed, instrument, or writing to a beneficiary or mortgagee, which is taken from the mortgagor or trustor as a result of, or in lieu of foreclosure. However, the tax shall apply to the extent that the consideration exceeds the unpaid debt, including accrued interest and cost of foreclosure. In addition, the amount and nature of the consideration, amount of the unpaid debt and identification of the grantee as a beneficiary or mortgagee shall be noted on any deed, instrument or writing or stated in an affidavit or declaration under penalty of perjury.