People Ex Rel. Palmer v. National Life Insurance

Defendant below, a life insurance company organized under the laws of Illinois and in the hands of a receiver for liquidation, owned certain shares of stock in Chicago banks, on which it sought to avoid payment of personal property taxes. The chancellor of the superior court of Cook county held the company not liable for such taxes, and from this decree the present direct appeal was taken by the People, the revenue being involved.

The determination of this appeal depends upon the construction placed upon section 13 and sections 35 to 39, inclusive, of the Revenue act of 1872, as amended.…