Page:United States Statutes at Large Volume 80 Part 1.djvu/1169

 80 STAT.]

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

1133

property) of the donee (or the transferee) except any part transferred to a purchaser or holder of a security interest. " (c) EXCEPTIONS.—

"(1) The lien imposed by subsection (a) or (b) shall not be valid as against a mechanic's lienor and, subject to the conditions provided by section 6328(b) (relating to protection for certain interests even though noticed filed), shall not be valid with respect to any lien or interest described in section 6323(b). "(2) If a lien imposed by subsection (a) or (b) is not valid as against a lien or security interest, the priority of such lien or security interest shall extend to any item described in section 6323 (e) (relating to priority of interest and expenses) to the extent that, under local law, such item has the same i^riority as the lien or security interest to which it relates."

Ante, p. 1125.

SEC. 103. CERTIFICATES RELATING TO LIENS.

(a) AMENDMENT or SECTION 6325.—Section 6325 (relating to release of lien or partial discharge of property) is amended to read as follows: "SEC. 6325. RELEASE OF LIEN OR DISCHARGE OF PROPERTY.

" (a) RELEASE OF LIEN.—Subject to such regulations as the SecreI ary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of release of any lien imposed with respect to any internal revenue tax if— " (1) LIABILITY SATISFIED OR UNENFORCEABLE.—The Secretary

or his delegate finds that the liability for the amount assessed, together with all interest in respect thereof, has been fully satisfied or has become legally unenforceable; or " (2) BOND ACCEPTED.—There is furnished to the Secretary or

his delegate and accepted by him a bond that is conditioned upon the payment of the amount assessed, together with all interest in respect thereof, within the time prescribed by law (including any extension of such time), and that is in accordance with such requirements relating to terms, conditions, and form of the bond and sureties thereon, as may be specified by such regulations. " (b) DISCHARGE or PROPERTY.— " (1) PROPERTY DOUBLE THE AMOUNT OF THE LIABILITY.—Subject

to such regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of discharge of any part of the property subject to any lien imposed under this chapter if the Secretary or his delegate finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the unsatisfied liability secured by such lien and the amount of all other liens upon such property which have priority over such lien. " (2) PART PAYMENT; INTEREST OF UNITED STATES VALUELESS.—

Subject to such regulations as the Secretary or his delegate may prescribe, the Secretary or his delegate may issue a certificate of discharge of any part of the property subject to the lien if— " (A) there is paid over to the Secretary or his delegate in partial satisfaction of the liability secured by the lien an amount determined by the Secretary or his delegate, which shall not be less than the value, as determined by the Secretary or his delegate, of the interest of the United States in the part to be so discharged, or " (B) the Secretary or his delegate determines at any time that the interest of the United States in the part to be so discharged has no value. 65-300 0-67—74

68A Stat. 7 8 1. 26 USC 6325.

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