Page:United States Statutes at Large Volume 68A.djvu/557

 CH. 34—DOCUMENTARY STAMP TAXES

517

PART III—PROVISIONS COMMON TO SALES OR TRANSFERS OF CAPITAL STOCK AND CERTIFICATES OF INDEBTEDNESS Subpart A. Exemptions. Subpart B. Miscellaneous provisions.

Subpart A—Exemptions ^^

Sec. Sec. Sec. Sec. Sec.

4341. 4342. 4343. 4344. 4345.

Transfers as security. Fiduciaries and custodians. Transfers by operation of law. Exemption certificates. Cross references.

SEC. 4341. TRANSFERS AS SECURITY.

The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections— (1) COLLATERAL SECURITY.—To a lender as collateral security for money loaned thereon, provided that such collateral security is not actually sold; or (2) SECURITY FOR PERFORMANCE.—To a trustee or public officer made pursuant to Federal or State law as security for the performance of an obligation, or by such trustee or public officer as a return of such security. SEC. 4342. FIDUCIARIES AND CUSTODIANS.

The taxes imposed by sections 4321 and 4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections— (1) FIDUCIARIES.—From a fiduciary to his nominee, or from one nominee of the fiduciary to another nominee, provided that in each instance such instruments are to be held by the nominee for the same purpose as if retained by the fiduciary; or from the nominee to such fiduciary; or (2) CUSTODIANS.—

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(A) from the owner to a custodian if under a written agreement between the parties such instruments are to be held or disposed of by such custodian for, and subject at all times to the instructions of, the owner; or from such custodian to such owner; (B) from a custodian as specified in subparagraph (A) to a registered nominee of such custodian, or from one such nominee to another such nominee, provided that in each instance such instruments are to be held by the nominee for the same purpose as if retained by the custodian; or from such nominee to such custodian.

SEC. 4343. TRANSFERS BY OPERATION OF LAW. (a) E X E M P T TRANSFERS.—The taxes imposed by sections 4321 and

4331 shall not apply to any delivery or transfer of any of the instruments referred to in such sections— (1) DECEDENTS.—From a decedent to his executor or administrator; (2) MINORS.—From a minor to his guardian, or from a guardian to his ward upon attaining majority; (3) INCOMPETENTS.—From an incompetent to his committee or similar legal representative, or from a committee or similar legal representative to a former incompetent upon removal of disability; § 4343(a)(3)

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