Section 11-10-3 Registration and payment of certificates. - Alabama Statutes

Section 11-10-3

Registration and payment of certificates.

All certificates evidencing loans made under the authority of this chapter shall be registered by the county treasurer in the order of their issue and the said treasurer shall retain out of the taxes collected for the year and paid over to him a sufficient amount to pay said certificates. Said certificates shall be in the order of their registration and they shall be entitled to priority of payment out of the proceeds of the taxes pledged to pay the same.

(Acts 1915, No. 53, p. 105; Code 1923, §241; Code 1940, T. 12, §126.)