Bank of California, National Ass'n v. Richardson
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF CALIFORNIA. The case is stated in the opinion. The right to tax to the Bank of California the Mission State Bank shares is implied by the California Supreme Court solely upon the ground that its existence is essential to an exertion of the power to tax the Mills National Bank shares.
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ERROR TO THE SUPREME COURT OF THE STATE OF CALIFORNIA. The case is stated in the opinion. The right to tax to the Bank of California the Mission State Bank shares is implied by the California Supreme Court solely upon the ground that its existence is essential to an exertion of the power to tax the Mills National Bank shares. The court does not deny that the shares of the state bank are personal property; nor does it find any express authority in the federal statute permitting the State to tax them to the Bank of California. But because shares in one national bank in the hands of another…
1Opinion of the CourtChief Justice White
Except as to real estate, which is taxed directly in the name of the owner, all the available resources of banks for the purposes of taxation are reached under the law of California, not by an immediate levy on the banks as the owner, but by annual assessment and tax thereon made by the State Board of Equalization against the stockholders of banks. The state law places the duty upon the banks to pay the tax assessed against their stockholders, with the obligation on the stockholders to. repay, sanctioned by a right conferred upon the banks to sell the stock of any stockholder failing to…
2Cases cited7 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- Mercantile Bank v. New YorkSupreme Court of the United States · 1887
- Owensboro National Bank v. OwensboroSupreme Court of the United States · 1899
- People v. WeaverSupreme Court of the United States · 1880
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3Cited by40 opinions
- First Agricultural National Bank of Berkshire County v. State Tax CommissionSupreme Court of the United States · 1968
- Des Moines National Bank v. FairweatherSupreme Court of the United States · 1923
- Baltimore National Bank v. State Tax CommissionSupreme Court of the United States · 1936
- First National Bank of San Jose v. CaliforniaSupreme Court of the United States · 1923
- Union Oil Associates v. JohnsonCalifornia Supreme Court · 1935
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