Bank of Woodland v. Pierce

The city of Woodland assessed the Bank of Woodland, the form of the assessment being as follows: “Solvent credits, money loaned on wheat, $65,000.” The Bank of Woodland contested the assessment, and brought injunction to restrain the collection of the taxes. It prevailed in the trial court, and the defendant, treasurer and tax-collector of the city, appeals.

Plaintiff’s contention in the trial court was based upon section 4 of article XIII of the constitution, as follows: “A mortgage, deed of trust, contract, or other obligation by which a debt is secured, shall, for the purposes of assessment…