Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: First Mortgage Under Section 6(a) Considered as "First Lien" Even Though Prior Lien for Current Taxes Exists, Number S-305, Volume 55, Page 285

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S-30S
Reg. W-25
INT7EPRETA1ION OF LAW OR REGULATION
(Copies to be sent to all Federal Reserve Banks)
September U, 1941
TELEGRAM
Federal Reserve Bank of
Boston
iiew York
Philadelphia
Cleveland

Richmond
Atlanta
Chicago
St. Louis

Minneapolis
Kansas CityDallas
San Francisco

An inquiry which may be stated as follows has been received. under Regulation W:
"May first mortgage under section 6(a) be considered

1

first lien' even though a prior lien for current

taxes not due and payable exists under State law?"
The Board is of the opinion that in such a case the
first mortgage is a "first lien" under section 6(a).




(Signed) Chester Morrill
Morrill