People Ex Rel. National Surety Co. v. Feitner
New York Court of Appeals
Appeal from an order of the Appellate Division of the Supreme Court in the first judicial department, made November 9, 1900, affirming an order of Special Term dismissing a writ of certiorari brought to review an assessment against the capital and surplus of the relator made by the commissioners, of taxes and assessments of the city of New York for purposes of taxation for the year 1899. The facts, so far as material, are stated in the opinion.
Read the full summary
Appeal from an order of the Appellate Division of the Supreme Court in the first judicial department, made November 9, 1900, affirming an order of Special Term dismissing a writ of certiorari brought to review an assessment against the capital and surplus of the relator made by the commissioners, of taxes and assessments of the city of New York for purposes of taxation for the year 1899. The facts, so far as material, are stated in the opinion. The j udge at Special Term erred in holding that so-called contingent liabilities were not tO’ be taken into account in determining the taxable…
1Opinion of the Court
Parker, Ch. J.
The question of law presented is whether assessors may make further deductions from the capital stock of corporations than those expressly authorized by statute. It is asserted on the one hand that “ irrespective of any express statute on the subject, the process of ascertaining the value of the capital stock of any corporation must necessarily include a deduction on account of its debts or of any outstanding contingent liability, such as insurance policies, though not due or payable at the time that the assessment is made.” On the other hand, it is asserted that 'the only…
2Cases cited4 opinions
- People Ex Rel. Westchester Fire Insurance v. DavenportNew York Court of Appeals · 1883
- People Ex Rel. Union Trust Co. v. ColemanNew York Court of Appeals · 1891
- People Ex Rel. Cornell Steamboat Co. v. DederickNew York Court of Appeals · 1900
- People Ex Rel. Glenn's Falls Insurance v. FergusonNew York Court of Appeals · 1868
3Cited by11 opinions
- First National Bank v. National Surety Co.New York Court of Appeals · 1920
- Pacific National Bank v. Aetna Indemnity Co.Washington Supreme Court · 1903
- Holland Hitch Co. v. StateMichigan Supreme Court · 1947
- People ex rel. Butterick Publishing Co. v. PurdyAppellate Division of the Supreme Court of the State of New York · 1912
- In re the Rehabilitation of Frontier InsuranceNew York Supreme Court · 2012
6 more not listed; retrieve them via the Exa API.