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.
Ala. Code § 40-22-10
Tax Upon Recording Transfer of Instrument Recorded by Exempt Institution - Exemption of Debt Secured by Instrument Upon Which Recording Tax Has Previously Been Paid.
(Acts 1951, No. 816, p. 1449, §5.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.