OAG 40-35.

Case DateAugust 16, 1940
CourtOregon
Oregon Attorney General Opinions 1940. OAG 40-35. 41OPINION NO. 40-35[20 Or. Op. Atty. Gen. 41]Title to Miner building in city of Eugene being vested in state of Oregon, subject to beneficial interest of grantor which requires part of the income to be paid to him, the property is exempt from taxation to the extent represented by any income derived by the state.August 16, 1940.Hon. L. L. Ray,District Attorney, Lane County. Dear Sir: Under date of August 5, 1940, you refer to the case of Security Savings & Trust Company v. Lane County, 152 Or. 108, in which it was held that a certain building in Eugene, Oregon, known as the Miner building, was not exempt from taxation, and state that subsequent to the date of said opinion the property involved has been conveyed to the state of Oregon, for the use and benefit of the University of Oregon, subject to an annuity agreement that, after paying all expenses of the building, H. T. Miner should receive the sum of $250 per month from the income of said building, and that after the death of H. T. Miner, Virgie C. Miner should receive the sum of $200 per month from the income of said building, and that upon her death her funeral expenses should be paid out of the income of said building, and that the balance of the proceeds, if any, should be used by the State of Oregon and the University of Oregon in maintaining a chair of instruction in real estate and insurance at the University of Oregon, and other beneficial uses by the University of Oregon. You request my opinion as to whether or not the county assessor for Lane county should list the property known as the Miner building upon the tax rolls for the year 1941, or any part thereof; that is, should the value of the private beneficial interest be determined and the property appraised in that sum. It appears that the deed to the State of Oregon was dated February 28, 1936, and recorded in the office of the county clerk for Lane county on September 26, 1939. In Security Savings & Trust Company v. Lane County, 152 Or. 108, 122, the court approved the following excerpt from The People v. University of Illinois, 328 Ill. 377 (159 N. E. 811), in which a donor conveyed to the trustees of the University of Illinois two farms to constitute a trust fund for all time for a two-fold educational purpose: (a) For the education of young men and young...

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