People ex rel. Bank of Commerce v. Commissioners of Taxes & Assessments
New York Supreme Court
THE capital stock of the Bank of Commerce in the City of New York was $9,234,320. It was assessed, under the act of the legislature, of April 29, 1863, in relation to the taxation of moneyed corporations and associations, (Laws of 1863, p. 435,) on the whole amount of its capital stock, after deducting therefrom a certain amount for the cost of its real estate, and stock held by literary and charitable institutions, although the affidavit of the cashier of the bank was…
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THE capital stock of the Bank of Commerce in the City of New York was $9,234,320. It was assessed, under the act of the legislature, of April 29, 1863, in relation to the taxation of moneyed corporations and associations, (Laws of 1863, p. 435,) on the whole amount of its capital stock, after deducting therefrom a certain amount for the cost of its real estate, and stock held by literary and charitable institutions, although the affidavit of the cashier of the bank was presented to the commissioners, stating that the bank then held and owned, and held and owned on the 12th day of January,…
1Opinion of the Court
By the Court, Sutherland, P. J.
By § 42 of the act of April 5th, 1813, (2 R. L. of 1813, p. 521, 522,) all stock in the funds of the United States, or in any other funds, and all bank stock, or stock in any other company, was, eo nomine, taxable as part of the individual’s or person’s personal estate. The act spoke only of persons, yet it seems that the supreme court of this state decided that corporations were liable, under the act, to be taxed for property owned by them. (The People v. Utica Ins. Co., 15 John. 358. Opinion of Thompson, Ch. J. p. 382.)
By § 4 of the act of April 23,1823, (Laws…
2Cases cited6 opinions
- People ex rel. Attorney General v. Utica InsuranceNew York Supreme Court · 1818
- Hoyt v. . the Commissioners of TaxesNew York Court of Appeals · 1861
- Bank of Utica v. City of UticaNew York Court of Chancery · 1834
- The People v. . Commissioners of Taxes and AssessmentsNew York Court of Appeals · 1861
- People ex rel. Bank of the Commonwealth v. Commissioners of Assessments & TaxesNew York Supreme Court · 1860
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3Cited by2 opinions
- Budd v. Multnomah Street Ry. Co.Oregon Supreme Court · 1885
- People ex rel. Lockport City Bank v. Board of EducationNew York Supreme Court · 1866