45 U.S.C. § 1106 : US Code - Section 1106: Exemption from transfer taxes and fees; recordation

Search 45 U.S.C. § 1106 : US Code - Section 1106: Exemption from transfer taxes and fees; recordation

(a)(1) All transfers or conveyances of any interest in rail
property (whether real, personal, or mixed) which are made under
any provision of or amendment made by this subtitle shall be exempt
from any taxes, imposts, or levies now or hereby imposed, by the
United States or by any State or any political subdivision of a
State, on or in connection with such transfers or conveyances or on
the recording of deeds, bills of sale, liens, encumbrances,
easements, or other instruments evidencing, effectuating, or
incident to any such transfers or conveyances, whether imposed on
the transferor or on the transferee. Such transferors and
transferees shall be entitled to record any such deeds, bills of
sale, liens, encumberances,(!1) easements, or other instruments,
and to record the release or removal of any preexisting liens or
encumbrances of record with respect to properties so transferred or
conveyed, upon payment of any appropriate and generally applicable
charges to compensate for the cost of the service performed.
(2) This section shall not apply to Federal income tax laws.
(b) Transfer of designated real property (including any interest
in real property) authorized by the amendments made by part 2 of
this subtitle shall have the same effect for purposes of rights and
priorities with respect to such property as recordation on the
transfer date of appropriate deeds, or other appropriate
instruments, in offices appointed under State law for such
recordation, except that acquiring rail carriers and other entities
shall proffer such deeds or other instruments for recordation
within 36 months after the transfer date as a condition of
preserving such rights and priorities beyond the expiration of that
period. Conrail shall cooperate in effecting the timely
preparation, execution, and proffering for recordation of such
deeds and other instruments.