§ 3.28.060. Exemption—Bankruptcy, receivership or reorganization

Any tax imposed pursuant to this chapter shall not apply to the making, delivering or filing of conveyance to make effective any plan of reorganization or adjustment:

A.

Confirmed under the Federal Bankruptcy Act, as amended;

B.

Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (m) of section 205 of title 11 of the United States Code, as amended;

C.

Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of section 506 of title 11 of the United States Code, as amended; or

D.

Whereby a mere change in identity, form or place of organization is effected.

Subdivisions A to D, inclusive, of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change.