Lowden v. State Corporation Commission

This is a companion case to Southern Pacific Co. v. State Corporation Commission, 41 N.M. 556, 72 P.2d 15, recently decided by this court. The questions involved are identical except in this case an additional one must be answered.

Accordingly, it is held that the tax assessed by virtue of chapter 116, N.M.L. 1935, is valid and properly assessed against appellee, and should be paid if trustees in bankruptcy, appointed by a federal District Court under section 77 of the Bankruptcy Act, as amended, 11 U.S.C.A. § 205, providing a means for the rehabilitation of railroad corporations, are liable…