State v. Security National Bank
Supreme Court of Minnesota
After the former appeal reported in 139 Minn. 162, 165 N. W. 1067, the ease was tried before Hale, J., who made findings and ordered judgment against each stockholder of defendant national bank for such proportion of the total, tax assessed, together with penalties and costs, as the number of shares of stock held by each on May 1, 1915, bore to the total number of shares outstanding on that date.
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After the former appeal reported in 139 Minn. 162, 165 N. W. 1067, the ease was tried before Hale, J., who made findings and ordered judgment against each stockholder of defendant national bank for such proportion of the total, tax assessed, together with penalties and costs, as the number of shares of stock held by each on May 1, 1915, bore to the total number of shares outstanding on that date. The motions of Frank P. Hixon, Elizabeth W. Harrison, and of the administrators of the estate of H. M. Carpenter, deceased, appearing specially therein to object to the jurisdiction of the court over…
1Opinion of the CourtHallam, J.
1. In March, 1915, the Security National Bank of Minneapolis negotiated a sale of its assets to the First National Bank of Minneapolis for $5,000,000. The purchase price was placed as a credit on the books of the First National Bank to “the Security National Bank of Minneapolis in liquidation.” As part of the same transaction it was agreed •that the Security Bank should liquidate, that its stockholders should surrender their stock for cancelation and subscribe for part of a new issue of stock of the First National Bank, the new stock to be paid for out of the purchase price to be paid by the…
2Cases cited18 opinions
- Pennoyer v. NeffSupreme Court of the United States · 1878
- Bell's Gap Railroad v. PennsylvaniaSupreme Court of the United States · 1890
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- Owensboro National Bank v. OwensboroSupreme Court of the United States · 1899
- Baker v. Baker, Eccles & Co.Supreme Court of the United States · 1917
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3Cited by11 opinions
- People v. SkinnerCalifornia Supreme Court · 1941
- Roberts v. GunterSupreme Court of Georgia · 1983
- Schwartz v. First Trust Co.Supreme Court of Minnesota · 1952
- Ward County v. BairdNorth Dakota Supreme Court · 1927
- Nortmann-Duffke Co. v. Federal Crushed Stone Co.Supreme Court of Minnesota · 1927
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