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AGO Opinions with Topic: APPLICABILITY TO CERTAIN BANK DIVESTITURE TRANSACTIONS
AGO 1975 No. 6 >  April 3, 1975
TAXATION - COUNTY - REAL ESTATE EXCISE TAX - APPLICABILITY TO CERTAIN BANK DIVESTITURE TRANSACTIONS
TAXATION ‑- COUNTY ‑- REAL ESTATE EXCISE TAX ‑- APPLICABILITY TO CERTAIN BANK DIVESTITURE TRANSACTIONS (1) The conveyance by a national bank of certain of its banking premises constitutes a "sale" within the meaning of RCW 28A.45.010 under the following circumstances:  (a) the purpose for the conveyance is compliance with a directive from the Comptroller of the Currency pursuant to 12 U.S.C.371d; (b) simultaneously with the conveyance the new owner of the property leases it back to the bank under a lease agreement which allows the bank to repurchase the premises at any time during the term of the lease; and (c) the bank is required, under the same lease agreement, to repurchase the premises in any event upon expiration of the term of the lease.  (2) Under these same circumstances, the agreement for a lease‑back with option to purchase is also a "sale" within the meaning of RCW 28A.45.010.
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