Cumberland University v. Golladay

The bill was filed to determine the validity of chapter 77, Acts of 1925, which provides:

“ Section 1. That whenever any institution of learning incorporated for general welfare under the laws of Tennessee and not having a capital stock shall issue any bonds upon the faith and credit of such institution, neither the principal nor interest of said bonds shall be taxed by the State or by any county or municipality in this State.

“Sec. 2. . . . That in the event the courts of the State shall hold section 1 of this act to be invalid and that said bonds are taxable, such holding shall not affect the…