Page:United States Statutes at Large Volume 80 Part 1.djvu/1167

 80 STAT.]

PUBLIC LAW 89-7 1 9 - N O V. 2, 1966

by a corporation or a o-overnnieiit oi- political siilxlivisioii thereof, with interest coupons or in registered form, share of stock, voting trust certificate, or any certificate of interest or participation in, certificate of deposit or receipt for, temporary or interim certificate for, or warrant or right to subscribe to or purchase, any of the foregoing; negotiable instrument; or money. "(5) T A X LIKN FILING.—The term 'tax lien filing" means the filing of notice (referred to in subsection (a)) of the lien imposed by section 32L • '., "(6) PURCHASER.—The term 'purcliaser means a person AVJIO, for adequate and full consideration in money or money's worth, acquires an interest (other than a lien or security interest) in property which is valid under local law against subsequent purchasers without actual notice. In applying the preceding sentence for purposes of subsection (a) of this section, and foi' purposes of section 6824— " (A) a lease of property, •'( B) a written executory contract to purchase oi" lease property, " (C) an option to purchase oi- lease property or any interest therein, or "(I>) an option to renew or extend a lease of property, which is not a lien or security interest shall be treated as an hiterest in property. "(1) ACTUAL NOTICE OR KNOWLEIXIE.—For
 * (i) SPECIAL RULES.—

purposes of this subchapter, an organization shall be deemed for purposes of a particular transaction to have actual notice or knowledge of any fact from the time such fact is brought to the attention of the individual conducting such transaction, and in any event from the time such fact would have been brought to such individual's attention if the organization had exercised due diligence. An organization exercises due diligence if it maintains reasonable routines for communicating significant information to the person conducting the transaction and there is reasonable compliance with the routine. Due diligence does not require an individual acting for the organization to communicate information unless such communication is part of his regular duties or unless he has reason to know of the transaction and that the transaction would be materially affected by the information. "(2) SUBROGATION.—Where, under local law, one person is subrogated to the rights of another with respect to a lien or interest, such person shall be subrogated to such rights for purposes of any lien imposed by section 6321 or 6324. "(3)

DISCLOSURE OF AMOUNT OF OUTSTANDING LIEN.—If a notice

of lien has been filed pursuant to subsection (f), the Secretary or his delegate is authorized to provide by regulations the extent to which, and the conditions under which, information as to the amount of the outstanding obligation secured by the lien may be disclosed." (b) CLERICAL AMENDMENTS.—

(1) The table of sections for subchapter C of chapter 64 is amended by striking out '•Sec. 6323. Validity against mortgageef<, ]>ledgees, pnrcliasers, and judgment creditors," and inserting in lieu thereof "Sec. 6323. Validity and priority against certain persons."

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