Mid-Continent Pipe Line Co. v. Creek County Excise Board

In the trial of this cause it was stipulated as follows:

“4. That on June 30, 1951, Independent School District No. 33 has on deposit in its ‘general activity fund’ in the American National Bank of Sa-pulpa, Oklahoma, the sum of $9,821.88.”

Now all would agree that “funds on hand” and “funds on deposit” are synonymous terms if the deposit is in a solvent bank and subject to the check or the order of the owner of the deposit. But the majority opinion reasons that as to the taxpayers, or as to tax levies, the district does not have this $9,000 at all because the district does not have it…