Exemption for specified bonds held by non-resident Indians preserved and applied with asset-secured debt priority.

In section 5 the Act is amended to exempt specified bonds held by non-resident Indians (and their nominees, survivors, or gift recipients), to preserve that exemption if the acquirer later becomes resident, to require that exemption under subsection (1A) be applied first against the asset securing a debt and then against other assets, and to treat a partner's or member's interest as including a proportionate share of firm or association assets that are exempt so that assessment and exemption are applied on that proportionate basis.

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