(a) If any person shall have converted moneys, credits, or other personal property in the year preceding January 1 of the year in which he or she is required to assess his or her property into bonds or other securities of the United States or this state not taxed, and shall hold or control the bonds or securities when he or she is required to list his or her property, he or she shall list the monthly average value of the moneys, credits, or other property held or controlled by him or her.(b) Any indebtedness of the persons represented by him or her, created by investment in the bonds or other securities, shall not be deducted from the amount of credits in making up his or her list for taxation.Acts 1883, No. 114, § 14, p. 199; 1887, No. 92, § 3, p. 143; C. & M. Dig., § 9891; Pope's Dig., § 13654; A.S.A. 1947, § 84-423.
Arkansas Legal Code