Any tax imposed pursuant to the provisions of this chapter shall not apply to any deed, instrument, or writing to a beneficiary or mortgagee, which is taken from the mortgagor or trustor as a result of, or in lieu of, foreclosure; provided, that such tax shall apply to the extent that consideration exceeds the unpaid debt, including accrued interest and cost of foreclosure. For tax purposes, consideration, unpaid debt amount and identification of grantee, as beneficiary or mortgagee, shall be noted on said deed, instrument or writing, or stated in an affidavit or declaration under penalty of perjury.
(California Revenue and Taxation Code § 11926) (§ 7, Ord. 1250-NS, eff. January 9, 1996, as renumbered and amended by § 9, Ord. 1374-NS, eff. April 26, 2001)