Stamp tax on mortgages, pledges, and deeds of trust.
Section 232
SEC. 232. Stamp tax on mortgages, pledges, and deeds of trust. — On every mortgage or pledge of lands, estate, or property, real or personal, heritable or movable, whatsoever, where the same shall be made as a security for the payment of any definite and certain sum of money lent at the time or previously due and owing or forborne to be paid being payable, and on any conveyance of land, estate, or property, whatsoever, in trust or to be sold, or otherwise converted into money, which shall be and intended only as security, either by express stipulation or otherwise, there shall be collected a documentary stamp tax at the following rates: (a) When the amount for which the mortgage or deed of trust is given exceeds one thousand pesos and does not exceed three thousand pesos, one peso. (b) On each three thousand pesos or fractional part thereof in excess of three thousand pesos, an additional tax of one peso.