Phelps v. Union Bank & Trust Co.

Union Bank & Trust Company, a state banking corporation, paid under protest the ad valorem taxes assessed against its shareholders upon their shares of stock for the tax year ending September 30, 1931, and brought the present action against the tax collector to enforce a refund.

Broadly stated, the theory of the suit is that, by a course of legislation, exempting or omitting as subjects of taxation, other moneyed capital, the tax structure of the state-is such as to -work a repeal of the statute subjecting shares of stock in state banks to ad valorem taxation — -this by force-of the'uniformity…