If any transfer of any such mortgage, deed of trust, contract of conditional sale, or other instrument of like character described in Section 40-22-6 has heretofore been filed for record in any probate office of this state and the recording privilege tax imposed by Section 40-22-1 or Section 40-22-2 has been paid thereon, the debt secured by the instrument so transferred shall be exempt from any ad valorem tax, either state, county, or municipal.
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Section 40-22-1 - Deeds, Bills of Sale, Etc.
Section 40-22-2 - Mortgages, Deeds of Trust, etc., Generally.
Section 40-22-3 - Tax on Mortgages Not Applicable to Any Bank Unless Applicable to All.
Section 40-22-4 - Exemption of Production Credit Corporations and Associations.
Section 40-22-5 - Exemption of Certain Farm Loans From Tax.
Section 40-22-5.1 - Exemption of Certain Conveyances by Religious Organizations From Tax.