Section 11926 Of Chapter 3. Exemptions From California Revenue And Taxation Code >> Division 2. >> Part 6.7. >> Chapter 3.
11926
. Any tax imposed pursuant to this part shall not apply with
respect 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 the consideration exceeds the unpaid debt, including
accrued interest and cost of foreclosure. 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 for tax purposes.